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GST : Goods And Service Tax (One Nation one Tax), A much awaited tax reform bill is now passed in Rajya Sabha and now we all are waiting for the applicability of new act so that different tax law in different state will be removed and only one tax will be applicable all over the nation.
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.
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.
After the completion of the Chartered Accountant course, the aspirants can become either employed in a firm as an employee or can start their own private practice. If you want to start up your own business, then firstly you need to learn about the important terms and conditions of Business. Before getting started, the first things […]
These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, We pay VAT and other taxes on purchasing a product.
The most awaited Constitution Amendment bill was stuck in the last two sessions to roll-out Goods and Service Tax bill in the Parliament. But now, the Finance Minister Mr. Arun Jaitley is confident regarding the GST Bill. In the next session, the members of opposition party will be reduced and ruling BJP will get more majority in the upper house. Therefore, the Bill will be rolled out in Budget session sure.
The finance ministry and empowered committee of state finance ministers have released a usual exempted items list including tea, coffee, biscuits and other medicines that have been exempted from excise duty.
GST Stands for Good and Services Tax that is a vital regime of India. It is the biggest indirect tax reform since independence. It would be levied when a consumer will buy a good and service.
The All States Finance Ministers have met together in a meeting on Friday regarding the GST Bill. The meeting was held in the context of cull a new chairman of the GST Panel and debate on the Bill. State FMs is willing to pass the Goods and Services Tax system. The empowered committee meeting is directed by the Delhi deputy chief minister, Mr. Manish Sisodia, said the states were “divided” over the threshold.
