The basic motto of Goods and Services Tax(GST) is mainly,"One Country,One Tax".It aims at integrating a number of taxes into ONE, and thereby increasing the ease of doing business. It has been implemented in various countries of the world, and a few years back,it was implemented in India also. We should try to explore the significance of GST in a developing nation like India.
GST is a tax charged at only one stage of the goods and services process. While this provides simplicity, it does not allow taxpayers to control each other. The alternative to GST is the VAT system. Tax is collected at all stages of the goods and service processes in the VAT system. Taxpayers control each other as they will deduct VAT they pay when paying VAT. They ensure that the goods and services they receive are registered. In this way, only as much tax as the consumer pays. Although these systems create some confusion, they are very effective in combating informal economy.
The importance of the goods and services tax in a developing country. This tax prevents large consumption of goods and increases the income of the state
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