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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.
With the approval of President Pranab Mukherjee on the GST Bill, the Bill has already become an Act in India. It is likely to follow the Government deadline of April 1, 2017. Meanwhile, the govt will utilize the time to form a special GST council to set the GST rates for the different sectors of the Indian economy.
No result found! Clear search 1. Overview of Goods and Services Tax (GST) 1. What is Goods and Services Tax(GST)? It is a destination-based tax on the consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous […]
In order to engage with the stakeholders and invite comments from the public at large, it has been decided to make available the draft Business Processes of GST.
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 Bill passed in the Rajya sabha with 203 votes in favour, within the 243 member in house. The GST Bill will replace a raft of all sates and local taxes under a single unified value added tax system in order to make the nation a big single market. The power is in the hands of the centre to levy taxes such as excise and empower states to collect retail taxes.
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 winter session of Parliament has ended on December, 2015 and disappointed us over the Goods and Services Tax (GST). The government has failed to break deadlock on the Constitution Amendment Bill in this session. The bill has been delayed further. FM Jaitley’s deputy, Mr. Jayant Sinha said that the government would have liked to roll-out the GST and also wanted it to be simple.
The NDA Government is focused on their target to get the Constitution amended to apply the GST Bill from 1st April, 2016. But the opposition parties could delay the GST rollout date, especially the Congress party wants to make changes in the Bill.
