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Goods and Service Tax (GST) pull up enormous tax collection changes for the state. With collected tax administration happening, it would prompt to reject wide assortments of expenses like amusement assessment, VAT, Central Sales Tax, entry charge from general things.
GST the goods and service tax is a reformative financial taxation scheme introduced in Indian constitution recently for structuring all the business units into the database of tax paying organization with equal consideration. The goods and service tax are implemented to subsume all the indirect taxes.
Section 7 of Modal Law GST, The charging section provides that all intrastate supply would be liable to GST, Rate of Taxes, Manner and collection of Tax and the Person who are liable to pay such Tax.
Indian Government finally took a responsive action towards the tax structure and studying in depth situation of the monetary part of taxes which are accrued annually on a meager basis. The tax authorities are giving a humble credit to all those taxpayers who declare their concealed income.
It has been about 2 months since GST was implemented in the country. The main aim of implementation of new tax regime is one nation, one tax, one market.
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.
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.
The Budget 2016 has introduced a new cess named as Krishi Kalyan Cess, which is applicable from June 1, 2016 at the rate of 0.5% on all the taxable services. With the imposition of this cess, the new effective Service Tax would henceforth be 15%. With the addition of KKC, all DTH, credit and debit […]
