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Precisely what is GST?

  • Public
By Christian Vilstrup 510 days ago

Categories: images


The much anticipated GST rollout is defined to take place through the Financial Year 2017-18, cutting compliance and improving simple conducting business for scores of small enterprises in India. By abolishing and subsuming multiple taxes in a single system, tax complexities will be reduced while tax base is increased substantially. Beneath the new GST regime, all entities involved with selling or buying goods or providing services or both must obtain GST registration. Entities without GST registration would stop able to collect GST from customer or claim input tax credit of GST paid. Further, GST registration is required once an entity crosses the minimum threshold turnover of starts a different business that may be expected to cross the prescribed turnover.

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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 50 % of state legislatures. Thus the present indirect taxes levied by state and centre are generally set to generally be substituted with proposed implementation of GST Registration by April 2017. This would be the biggest tax reform since independence plus a boon for the economy since it will eradicate the shortcomings in the current tax structure and give just one tax on flow of all products or services.

Primary advantages of GST :

Eliminating cascading effect of taxes.

Tax rates will likely be comparatively lower since 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.