4th April 2017
The GST tax will be implemented from the 1st of April onwards this year. This is touted as the single most effective taxation for businessmen to get them rid of paying several unnecessary taxes in the form of state and central taxation. In a way, introduction of GST is an attempt to simplify the complex Indian taxation system.
The Constitution Amendment Bill for Goods and Services Tax often referred to as the 101st amendment was approved by the president of India, Mr. Pranab Mukherjee last year. The GST act was approved by both houses of the parliament, Rajya Sabha and Loksabha, last August with overwhelming majority of over 50 % of state legislators too.
The government has conceptualised a single GST tax to be paid instead of paying several other indirect taxes to ease the entire taxation process.
GST will replace the following indirect taxes (Central);
GST will replace the following indirect taxes (State);
Objectives of GST at a Glance
GST Rates in India: Salient Features
Why GST to be implemented from 1st April 2017
The union Government is ready to relinquish all form of indirect taxes levied on goods and services by the Centre and States. GST is expected to be game changers as more and more people will be prompted towards business and self-employment as their mode of occupation.
From 1st April onwards, a trader will have to pay a single GST tax for supplying goods and services instead of several indirect taxes that were mandatory to be paid before GST.
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