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GST is the biggest tax reform in India after the Independence. We have taken almost 60 years to pass a tax bill in which a uniform taxation system will be implied to all over the nation.
Goods and Services Tax will be much more soothing to the nation as it will attract more and more Foreign Direct Investment inside the country. It will also increase the tax compliance which will increase the transparency, therefore creating a trustworthy relation between the business corporates and the government.
The Goods and Services Tax (GST) regime is now ready to give a boost to the growth of the warehousing and logistics industry in India. New warehousing hubs are set to establish better facilities and better transportation and logistics services across the nation. According to a real estate consultancy firm JLL India, the implementation of GST has played a key role in the development of e-commerce giants and they will be able to choose a wide range of services across the country. It will undoubtedly benefit the logistics corner and offer cost saving on the consumer end. The GST bill has been implemented from 1st July 2017 and the government will facilitate E-filing of GST through online portals for filing procedures. With the advent of goods and services tax, it is also the support of e-commerce industry to further take the industry more worthy. As the scenario has changed a lot, the online shopping demands a firm supply chain to cater the needs of the general public.
In present scenario there are different types of taxes levied like service tax, VAT, Excise etc. In GST regime there will be a single rate of tax. The tax will be charged on value addition only. This will lead to lower down the cost of products and services. After the introduction of GST law, the customer will be able to know that what is the actual tax he is paying for the product or services.
GST finally saw its day of light after Lok Sabha also agreed upon the tax scheme to be implemented in the nation. Most of the prominent parties, leaders and general public were seen satisfied with the tax regime as everyone hopes that the Goods and Service Tax will surely bring some prosperity to the economy and citizens.
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.
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.
The first month of the fiscal year 2016-17, April has shown an increase of indirect tax collections by 41% to Rs. 64,394 crore. The major reason behind this hike is due to a sharp central excise gush. Last months’ records shot up the central excise collections by 70% to Rs. 28,252 as compared to Rs. […]
BEIJING: IMF yesterday, said structural betterments that include GST and the other land reform zones will be the prominent factors to amplify the economic potentials of India.
