Government of India has consolidated the various indirect taxes & has formed single tax system in the form of Goods & Services Tax (GST). The indirect tax system had huge complexity which got reduced by reducing cascading effect of taxes. GST is common tax comprised of both Central & State government.
Goods & Services Tax came into effect on July 1, 2017. Businesses are required to file monthly, quarterly & annual returns & those with turnover exceeding INR 2 crore will also have to file audit reports.