GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in Parliament on 29th March 2017 and came into effect on 1st July 2017. GST is a single domestic indirect tax law for the entire country.

GST has mainly removed the cascading effect on the sale of goods and services. Removal of the cascading effect has impacted the cost of goods. Since the GST regime eliminates the tax on tax, the cost of goods decreases.

GST introduced a centralized system of waybills by the introduction of “E-way bills”

Under the e-way bill system, manufacturers, traders, and transporters can generate e-way bills for the goods transported from the place of their origin to their destination on a common portal with ease. Tax authorities are also benefited as this system has reduced time at check -posts and help reduce tax evasion.