Transforming India's Tax Landscape: A Deep Dive into GST Valuation

Abstract

Before July 1, 2017, navigating India's tax system was like manoeuvring through a maze with each State having its own set of taxes. This complex structure posed challenges for businesses, hindering seamless operations across the country. The introduction of the goods and services tax (GST) aimed to change that. GST replaced a multitude of Central and State taxes with a unified tax regime, promising simplicity, efficiency, and transparency. This article explores the core principles of GST, its journey since implementation, and delves into the critical aspect of GST valuation—a cornerstone in ensuring fair and accurate tax assessment.