GST Tax Reform in India: Assessing the Impact
After a decade-long journey, India’s Goods and Services Tax (GST) finally has been implemented, effective July 1, 2017. The GST, which is essentially a destination/ consumption-based tax, replaces one of the world’s most complicated origin-based indirect tax systems. India’s legacy system was plagued by a complex tangle of national (or “Centre”) and state taxes, including a central excise duty, a service tax, a countervailing custom duty (CVD), and a special additional duty (SAD) as part of the customs tax structure, as well as value added tax (VAT) at the state level and state luxury taxes among numerous others. This complexity often resulted in a cascading effect of tax upon tax.
Learn how the new India GST rules will impact your business and how tax technology addresses these complex calculation and reporting requirements.
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