GST rollout: Things to know before midnight launch

1. The rollout will completely transform the indirect taxation landscape in the country involving both the Central and State levies.

2. In a departure from the normal practice, GST will be administered together by the Centre and States.

3. GST will pave the way for realization of the goal of One Nation - One Tax - One Market.

4. The new taxation system will benefit all the stakeholders namely industry, government and consumer as it will lower the cost of goods and services give a boost to the economy and make the products and services globally competitive, giving a major boost to "Make in India" initiative.

5. Under new system, exports will be zero-rated in entirety unlike the present system where refund of some of the taxes doesn't take place due to fragmented nature of indirect taxes between the Centre and the States.

6. GST will make India a common market with common tax rates and procedures and remove economic barriers.

7. GST is largely technology driven and will reduce the human interface to a great extent.

8. GST is also expected to improve ease of doing business in India.

9. In majority of supplies of goods, the tax incidence approved by the

GST Council

is much lower than the present combined indirect tax rates levied by the Centre and State governments.

10. GST envisages all transactions and processes to be done only through electronic mode, to achieve non-intrusive administration. This will minimise tax payer's physical interaction with the tax officials.

(with agencies input)Click here to get GST live updates