What exactly is GST?
The much anticipated GST rollout is defined to take place throughout the Financial Year 2017-18, cutting compliance and improving simplicity of doing business for millions of smaller businesses in India. By abolishing and subsuming multiple taxes to a single system, tax complexities would be reduced while tax base is increased substantially. Within the new GST regime, all entities related to selling or buying goods or providing services or both are required to obtain GST registration. Entities without GST registration would not capable to collect GST from customer or claim input tax credit of GST paid. Further, GST registration is mandatory once an entity crosses the minimum threshold turnover of starts a brand new business which is supposed to cross the prescribed turnover.
The Prime Minister approved. The constitution amendment bill for Goods and repair Tax(GST) during the Parliament Session (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) combined with ratification by one half of state legislatures. Thus the current indirect taxes levied by state and centre are common set to get substituted for proposed implementation of GST Registration by April 2017. This is the biggest tax reform since independence plus a boon to the economy mainly because it will eradicate the shortcomings of your current tax structure and provide just one tax on supply of all services and goods.
Great things about GST :
Eliminating cascading effect of taxes.
Tax rates will probably be comparatively lower as being the tax base will widen.
Seamless flow of Input tax credit.
Prices of your products or services will fall.
Efficient supply change management.
Promote shit from unorganised sector to organised sector.
The Prime Minister approved. The constitution amendment bill for Goods and repair Tax(GST) during the Parliament Session (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) combined with ratification by one half of state legislatures. Thus the current indirect taxes levied by state and centre are common set to get substituted for proposed implementation of GST Registration by April 2017. This is the biggest tax reform since independence plus a boon to the economy mainly because it will eradicate the shortcomings of your current tax structure and provide just one tax on supply of all services and goods.
Great things about GST :
Eliminating cascading effect of taxes.
Tax rates will probably be comparatively lower as being the tax base will widen.
Seamless flow of Input tax credit.
Prices of your products or services will fall.
Efficient supply change management.
Promote shit from unorganised sector to organised sector.