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GST is intended to remove inefficiencies in the supply chain due to breakage of credit chain and cascading effect of taxes. It will subsume a plethora of indirect taxes presently levied at the central and state level in India. GST envisages a common national market for goods and services and removal of trade barriers. GST will have impact on supply chain, value additions and pricing of final outputs. Thus, businesses will have to examine transaction restructuring, supply chain optimization, business processes, training enterprise personnel, book keeping and making changes in the IT infrastructure so that they are GST ready.

Goods and Services Tax would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. This method allows GST-registered businesses to claim tax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity. Taxable goods and services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer. Administrative responsibility would generally rest with a single authority to levy tax on goods and services. Exports would be zero-rated and imports would be levied the same taxes as domestic goods and services adhering to the destination principle.

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