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Without uncertainty, the initiation of GST has ended up being the most critical and extensive taxation change that India has ever observed.
According to Japanese financial services major Nomura, Goods and Services Tax (GST) benefits are likely to increase over time and in the long run the indirect tax regime with strengthen tax revenues, boost economic growth. The benefits are expected to be substantial, predicts Nomura.
What a great infusion of government and general public has been showcased in this recent time when there is a whirl of Goods and Service tax around the nation. The one tax rate concern is a very old issue, perhaps started in 1974 in the United States, when Arthur Laffer an American economist first jot down the one tax case what is known popularly as ‘laffer curve’.
The Indian government has been looking to implement a diverse range of GST rates and it has been cleared from the finance minister itself when he spoke about the polluting products and their chances to attract higher GST rates.
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
Usually, the winter session of the parliament takes off in the third or fourth week of November, but this time, it has been scheduled on November 16 and the major discussion to take place will be GST. As we all are aware of the fact that the Govt. is very keen towards implementing the new tax reform by the proposed deadline i.e. April 2017. The center doesn’t want any stone left in the successful roll-out of the GST across the nation.
After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.
E-commerce or electronic commerce (an online shopping hub) manages the buying and selling of products and services exclusively through electronic channels. E-commerce captures around 33% of the global market with a positive growth in near future.
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 […]
