On this, 00:00:00 hours of Saturday, the 1st July 2017, INDIA is creating an exemplar change under Indirect Taxes regime, since independence.
Goods and Services Tax (GST), will outline a new formula in the tax structure, incidence, computation, tax credits and compliance besides many other operational models within/across industries
As many as 160 countries have already implemented GST around the world, India stand to collaborate well in the supply chain standards of International level in doing business. In domestic market this is expected to boost the GDP growth of the country, thereby increasing revenue. Since there is seamless flow of supply across states and utilization of credits without any barriers, a common market will be created, enhancing the efficiency and trim down the costs.
India will follow a duel system of tax levy under GST, wherein tax will be levied by Centre and State on both goods and services. Since the concept of supply is significant under GST law, this would replace several tax incidences under the present acts for manufacture, services and sales. This enables a uniform and single taxable event bringing in one nation one tax formula.
Technology is the focal strength in GST implementation. Presently in India, technology is used in public domain, under different taxation departments. However, under GST this is going to be a collaborative system with flow of information between Business to Business through Government and between Government and Business community with a seamless integration.
We are pleased to interact with you for any of your queries relating to GST. Contact us in the following address or mail id or mobile no.
The day set for rollover of Goods and Services Tax (GST) in INDIA under Indirect Taxes.
All Rules and Rates finalized and changes in formats for Return etc. are available in GST Portal underhttp://www.cbec.gov.in/htdocs-cbec/gst/index
Assent given by President of India to the four subordinate GST legislations
Parliament passes four bills to pave way for GST rollout
13th GST Council meeting Held - Draft Rules dealing with 1. Registration 2. Refunds 3. Returns 4. Payment and 5. Invoice, Debit Note and Credit Note originally approved needs to be altered in accordance to legislation
Four more sets of Draft Rules relating to GST Input Tax Credit, Valuation, Transitional Provisions and the Composition scheme need to be cleared
Lok Sabha cleared the four bills on GST, a great forward movement in the Goods and Services Tax regime
The four bills - on Central GST, Integrated GST, Union Territory GST and GST (Compensation to States) tabled in Lok Sabha for further discussion
Cabinet has approved four Goods and Services Tax (GST) supporting legislation namely C-GST, I-GST, UT-GST and Compensation Law