GST is a concept that every common man thinks they know about, and some even try to advise the professionals on it. But, what is GST? As I said in my second post, GST is an indirect tax. You are paying taxes to the government irrespective of your income. It is levied as a percentage on product/service value. How is GST different from previous taxes? GST was introduced to achieve the objective of “One Nation, One Tax”. The primary taxes that GST replaced are Value Added Tax (VAT), Excise Duty, Customs Duty, Central Sales Tax (CST) and Service Tax. Other secondary taxes like entertainment tax, luxury tax, tax on gambling, betting, and lottery, etc. Contrary to popular belief, GST was not introduced by the current government. In 2000, the then PM Sri Vajpayee set up the committee to draft the GST law. In 2006, the then Finance Minister P Chidambaram proposed the introduction of GST in the budget. So, in reality, neither political party can claim GST as their baby. And...