GST is a unified taxation system which would end multiple taxation across the states and create a level playing field for businesses throughout the country, much like the developed tions. It is a multi-stage destition-based tax which will be collected at every stage, starting from procuring the raw material to selling the fil product. The credit of taxes paid at the previous stage(s) will be available for set-off at the next stage of supply. Being destition or a consumption based, the GST will also end multiple taxes levied by Centre and the State Governments like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax, Luxury Tax and Entertainment Tax etc. This will lower the overall tax burden on the consumer and will benefit the industry through better cash flows and working capital magement. Currently, 17 State and Central levies are being applied on goods as they move from one State to the other.