Informative GST Articles

After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.

E-commerce or electronic commerce (an online shopping hub) manages the buying and selling of products and services exclusively through electronic channels. E-commerce captures around 33% of the global market with a positive growth in near future.

GST is a revolutionary step in the indirect taxing regime, the most awaited Goods and Services Tax bill got the assent of President on the 08th day of September 2016 and became the Act. GST will be a single window for all Indirect taxes as it will subsume majority of the indirect taxes. GST is the thing which will reshape the Indirect tax structure and impact of it will be seen on its stakeholders. It is expected that it will increase the GDP by 2%.

The passage of the long-pending in both houses is no less than a milestone for a country like India. The govt expects that the GST law will bring the economy on track and the new tax reform will assure hassle free taxation system. The 122nd constitution amendment bill received President Pranab Mukherjee’s nod on Sept. 8 this month. Following this, the govt is striving to conquer the deadline of April 1, 2017. Recently, the GST council was formed over the decision taken by the union cabinet headed by Prime minister Narendra Modi.

Recently the Cabinet Ministry has given their approval for the establishment of GST Council, notification regarding the establishment of Council was issued on Saturday the 10th day September 2016 and the provisions came into force on Monday the 12th day of September 2016.