Newsflicks's video: What s so big about GST

Implementation of Goods and Services Tax (GST) has been called the most important tax reform since liberalization of the Indian economy in 1991. What makes it so important? It has do with simplifying India’s indirect tax structure that had become highly complicated with multiple taxes levied by the Centre and states, multiple tax rates, various inter-state taxes and a plethora of exemptions for both central & state taxes. That’s enough to confuse even the most knowledgeable experts. There have been tax reforms earlier too – like introduction of value-added tax (VAT) instead of a single-point sales tax or introduction of service tax – but nothing like GST.