GST (Goods and Services Tax) is a tax on consumption of goods and services. It is a single tax on supply of goods and services which is levied from manufacturing of good and flows till final consumption of goods. It is pertinent to note that the credit of taxes paid at previous stages are available as set off. Thus, it can be construed that under this regime, only addition in the value gets taxed and the tax load is borne by the consumer finally.

KEYWORDS: GST, Single Tax, Supply of Goods & Services, Fiscal Responsibility, Budget Management.