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Introduction The Goods and Services Tax (GST) is one of India's most significant indirect tax reforms. Introduced on 1 July 2017, GST brought many central and state indirect taxes under a common tax system. It simplified taxation on the supply of goods and services by replacing several earlier taxes, including service tax, central excise duty on many goods, and state VAT on most goods.

India’s income tax system has entered a new phase with the Income-tax Act, 2025, effective 1 April 2026. The new legislation replaces the Income-tax Act, 1961, with a simplified structure designed to make tax provisions easier to understand and comply with. However, taxpayers should understand that a new law does not automatically mean an entirely new tax calculation method. Taxpayers must still consider the applicable tax rates, eligible deductions, rebates, and other provisions when calculating the final tax liability.