Want to know the difference between GST and VAT? Let’s compare VAT vs GST with the example!
The Goods and services tax in India has been implemented from 1st July 2017, and it is supposed to bring a revolutionary change in the Indian taxation system with its unique model of implementing ‘one tax one nation’ formulae.
The GST has consumed all the indirect tax including VAT, service tax, Excise duty, octroi and all another indirect form of duties which were levied on every value addition of the product thus creating a cascading effect. And for this effect, GST has implemented to take down the unnecessary inflation.
