Powerd By SAG INFOTECH
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Under the GST regime, the nation is likely to witness a transformation in the working of businesses. All the sectors are keen to know the consequences of the GST. some are happy with the decision and welcomed the proposal in a healthy way but there are some sectors that have witnessed certain loss after GST.
GST (Goods and Service Tax), is a new tax regime for current taxation system of India. But the important issue is what impact will be done on Indian economy after GST became applicable in India? What is new in GST which will help to us for create a better Indian economy?
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.
Big!! Big!!! Big!! the wait is over!! Now GST Act is not a dream for the companies. It will be implemented very soon. After passing bill in Rajya Sabha, the way of GST act became more easy and we can hope that this act will come in working very soon.
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.
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.
As seen from very long, the GST Debate is going well with enormous talks going again and again in parliament, Lok Sabha, Rajya Sabha and where is needed to reform the taxation scheme currently prevailing in India. Till today, Indian business units are running with basic indirect tax scheme which includes various steps and channel gates by which a tax payer has to undergo.
Finally, the snail paced GST Bill issue stood in line for consideration and passage in Rajya Sabha on Wednesday in the expectation that congress and all the big parties would give their shoulders to the deep impacting taxation scheme.
