Goods and Services Tax (GST) Guide for Businesses in 2025
The Goods and Services Tax (GST) is one of the most significant tax reforms in India, introduced on July 1, 2017, with the aim to unify the country’s indirect tax structure. It replaced a host of other taxes, such as VAT (Value Added Tax), Service Tax, Excise Duty, and several others, to streamline the taxation process. GST has brought immense changes to the taxation system, benefiting both businesses and consumers by promoting transparency, reducing tax evasion, and simplifying tax compliance. As a business owner, understanding the nuances of GST is essential for seamless operations. In this comprehensive guide, we will walk you through what GST is, its various types, and how it impacts businesses in 2025. What is the Goods and Services Tax (GST)? GST is a single, comprehensive tax levied on the supply of goods and services. It is designed to be a destination-based tax, meaning that it is collected at the point of consumption, not the point of origin. This eliminates the cascading ef...