2nd April 2017
Good and Service tax is an indirect taxation system. GST replaces all other forms of indirect tax of Central and State Government. These forms of taxes are Sales Tax/VAT, Entertainment tax, Luxury tax etc.GST is one biggest taxation reforms in India. GST allows registered businesses to claim a tax credit to the value of GST they paid on the purchase of goods or services.
GST facilitates the market and it has easy administration. This is because administrative duties come under a single system. GST is mainly introduced set to bring greater transparency to India’s taxation system.
There are two different forms of taxation as direct and indirect taxation. Multiple taxation systems most of the times have become the worst system.
India will adopt a Dual GST model this means that the GST would be administered both by the Central and the State Governments.
Read More on Unique Features of Indian GST
2017 © Monetic Corp Consultants Private Limited - U74999DL2013PTC261819
Download GST E-book, An introductory guide for Goods and Service Tax by Registrationwala.
Like every GST liable business, you'll also need a GST software. Registrationwala has come up with a return preparing and filing software GST Tool.
To schedule a online demo, submit your details.