GST Influencing Indian MarketWith the implementation of GST various services has been influenced in Indian market. No doubt it’s impacting businesses both in positive and negative manner. The present structure of Indirect Taxes is very complex in India. Businesses currently have to undergo VAT registration from the state’s sales tax department to start on their own. It’s difficult to get a VAT for every state since each one has a different regulation regarding its VAT law. The GST is an indirect tax which means that the tax is passed on till the last stage wherein it is the customer of the goods and services who bears the tax. This is the case even today for all indirect taxes but the difference under the GST is that with streamlining of the multiple taxes the final cost to the customer will come out to be lower on the elimination of double charging in the system. Keeping in mind the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State. The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilization of credit would be permitted.