Constitution (122nd Amendment) Bill has been introduced in the 16th Lok Sabha on 19.12.2014. The Bill provides for a levy of GST on supply of all goods or services except for the specified goods. The tax shall be levied as Dual GST separately but concurrently by the Union (CGST) and Read more…
Center-State Fiscal Power: Currently, fiscal powers between the Centre and the States are clearly demarcated in the Constitution The Centre has the powers to levy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc.) States have the powers to levy tax on the sale Read more…
With GST active in business arena, followings are the expectation of the businesses from it:Government is expecting following list of benefits from GST: Simpler Tax system across nation. Broadening tax Base with reduced exemption. Better co-ordination between state and center to check evasion and administration. Better tax compliance & Growth in revenue collections. IT enabled system to check evasion and controls
Benefits of GST to economy and business in number of ways: Reduction in cascading and double taxation Reduction in multiplicity of taxes. Neutralize taxes especially for exports. GST will promote Development of common national market. Simplified tax structure by: 1) Reduced Tax rates and exemptions 2) Good and service clarity Simplified Read more…
The salient features of GST are as under: GST would be applicable on supply of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services. GST would be a destination based tax as against the Read more…
Present Tax Structure in India for Indirect Taxes Proposed Indirect Tax system after GST Introduction of GST The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By consolidating a large number of Central and State taxes Read more…