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Big!! Big!!! Big!! the wait is over!! Now GST Act is not a dream for the companies. It will be implemented very soon. After passing bill in Rajya Sabha, the way of GST act became more easy and we can hope that this act will come in working very soon.
Finally, the GST Bill has been approved by the Rajya Sabha and now it will go to the lower house for some rectification in the amendment. After receiving majority upvotes (203 votes) in the house, it is likely to be implemented by the 3rd quarter of 2017. There have been lot of questions regarding the GST among the general public. So, Here we are presenting some common FAQs that will explain every single stage of GST and its benefit.
Since the independence, there was indeed a very deep requirement of a clear and smooth taxation scheme which would make India – a better nation and economy with its all round prosperity and everyone contributing for the same cause.
India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
As seen from very long, the GST Debate is going well with enormous talks going again and again in parliament, Lok Sabha, Rajya Sabha and where is needed to reform the taxation scheme currently prevailing in India. Till today, Indian business units are running with basic indirect tax scheme which includes various steps and channel gates by which a tax payer has to undergo.
Finally, the snail paced GST Bill issue stood in line for consideration and passage in Rajya Sabha on Wednesday in the expectation that congress and all the big parties would give their shoulders to the deep impacting taxation scheme.
Reportedly on Wednesday, the cabinet cleared the changes in the the GST Constitutional Amendment Bill. The changes made accompany 1 per cent drop in manufacturing tax and compensating the states that undergo any revenue loss in the first 5 years of the providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime.
Even after almost a month of the launch of GST in India, people and businesses are still struggling to accept it completely. Let’s see how people from different areas are reacting to GST and what are their concerns.
The Monsoon session of the Parliament, beginning from the July 3rd week will witness some major proceedings. The cabinet committee will be deciding the actual schedule of the session.
