GST To Apply On Transaction Value Not MRP

Just few days before the rollout of the new taxation system, Goods and Services Tax (GST), the nation is all geared up for the new era which will subsume around a dozen of the present taxes into an unified one. The government will launch GST on July 1 with an aim of "one nation, one tax, one market". A decade in the making, GST would bring down barriers between more than 30 states and territories,…