India, March 20 -- A Group of Ministers (GoM) set up by the GST (Goods and Services Tax) Council is currently reviewing the new tax regime with a focus on 'simplification' and 'rationalisation' as key objectives. GST is a single nationwide tax that subsumes within it more than a dozen taxes of the pre-GST era. Applied all over India, it has a provision of set-off for tax paid on inputs also known in common parlance as input tax credit (ITC). This makes the system free from the cascading effect of tax on tax besides encouraging businesses to report all their purchase or sales transactions.

Gross GST or GGST collection includes Central GST (CGST): it is levied by the central government on the intrastate movement of goods and services, i.e....