This will all change with the advent of GST. In majority of supplies of goods, the tax incidence approved by the GST Council is much lower than the present combined indirect tax rates levied [on account of central excise duty rates / embedded central excise duty rates / service tax post-clearance embedding, VAT rates or weighted average VAT rates, cascading of VAT over excise duty and tax incidence on account of CST, Octroi, Entry Tax, etc.] GST. Similarly, Entry 54 of the State list has been amended to empower the States to levy taxes on services. Taxpayers having turnover in the range of Rs 1.5-5 crore will be required to mention only two digits of HSN code and taxpayers with turnover more than Rs 5 crore will be required to mention four digits of HSN code. It also provides for Anti-profiteering provisions for protection of consumer rights.

Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July, 2017. Jaitley said that in India, the Central and State Governments will now work together for common prosperity.

TaxScan Media is an online news portal for reporting all news, articles, judgments, Circulars, orders and notifications relating to Taxation Laws in India. 5. The goods and services tax (GST) has finally become a reality. When a sale takes place under GST, both the Centre and State Government shall simultaneously levy GST across the value chain. The occasion will be graced by the Hon’ble President, Hon’ble Vice President,  Hon’ble Prime Minister, Hon’ble Speaker of Lok Sabha and Hon’ble Union Finance Minister among other dignitaries. Prime Minister Narendra Modi in his 45th edition of Mann Ki Baat hailed states for the success of Goods and Services Tax or GST. How It Impacts You, In 10 Points. It states that no tax shall be levied or collected except by the authority of law. GST is expected to improve ease of doing business in India. We had a multitude of taxes across the country. The term GST has raised a lot of issues for laymen and professions alike.

e9.size = "300x250,300x600,160x600"; Basically, there will be 3 kinds of applicable under Goods and Service Taxes: CGST (Centre GST), SGST (State GST) & IGST (Inter-State GST). In order to ensure a more stable transition to GST, the government has granted a two month extension in submitting tax returns. One Nation, One Tax: What's Cheaper, Costlier After GSTMay 19, 2017, One Nation, One Tax: How Will GST Impact YouAug 3, 2016. CGST is where the revenue will be collected by the central government.

Our mission is to Simplify the Tax Laws and make aware the people to their tax rights and duties and participate nation building. GST Ad: Amitabh Bachchan introduces Goods and Service Tax and its motto of One Nation One Tax One Market! How It Will Impact You In 10 Points.

GST is a tax on value addition as tax is imposed on the value added at each stage beginning with the manufacture. India moved the other way. GST ie goods and services has grown with the introduction of the tax itself among the few selected countries of India, the world that have implemented a sales nationally. This ranking highlights the shortcomings of a multiple tax regime that had existed before GST. The 122nd Constitutional Amendment Bill introduced Article 246A which reads as: “(1) notwithstanding anything contained in articles 246 and 254, Parliament, and, subject to clause. GSTN shall provide a common GST portal which shall provide registration services, return and payments to the taxpayers, and other backend services such as processing returns, registrations, audits, assessments, appeals, etc.

We use the tagline ‘Simplifying Tax Laws’.

Another important aspect of GST is that it is a destination based tax and has to be paid at the point of consumption. Alcohol is also outside the ambit of the new tax regime now. Fill in your details below or click an icon to log in: You are commenting using your account. Log in to our website to save your bookmarks. GST embodies the principle of "one nation, one tax, one market", unifying the country's $2 ... GST Rollout From July 1: Here's How It Compares With Global Peers, India News | Thomson Reuters | Wednesday June 28, 2017. Our political union has been followed by an economic union. has given some relief to small assessees with annual turnover uptoRs 1.5 crores. Change ). “One Tax-One Market-One Nation” said Finance Minister Arun Jaitley as he heralded the GST regime. Since then, around 159 countries have adopted the GST regime in some form or other. The consumer bears the burden of paying all taxes levied ultimately.

France was the first country in the world to implement the GST law in the year 1954. Change ), You are commenting using your Facebook account. The transformation has proved "one of the smoothest". The Modi government's Goods and Services Tax (GST) law is "very, very imperfect" and cannot be labelled "one nation, one tax" as it has seven or more tax rates, senior Congress leader P Chidambaram said in New Delhi today.

"While enacting the GST, neither the state nor the Centre loses its sovereignty," he said, adding, "Consensus in GST Council underscores India can collectively think and act with maturity for a collective purpose.".

Both CGST and SGST would be levied on all intra-State supplies. //-->. GST will re-organize the structure of the Central Board of Excise and Customs (CBEC) for administration of GST. (adsbygoogle = window.adsbygoogle || []).push({}); ‘Adorable and admirable’: PM Modi shares video of 4-year-old kid from Mizoram singing Maa Tujhe Salaam, Vande Mataram, PM Modi attacks opposition leaders; says 'What happened to double Yuvraj in UP will repeat in Bihar', PM urges probationers to follow Sardar Vallabhbhai Patel’s philosophy at second edition of AARAMBH. Economists and technocrats have long backed the GST, which they think could […] This will minimize tax payers physical interaction with the tax officials. Aishwarya Krishnan | June 19, 2017 7:45 PM IST 1. ( Log Out /  At the same time President Pranab Mukherjee described it as a process to strengthen India’s democratic system. Copyright © 2020 Odisha Views. Photo: PTI One Nation, One Tax 1 min read. They are not required to mention HSN code in their tax invoice. Tax system will be implemented with the purpose of levying a single indirect tax across the nation ... 2017 One Nation, One tax ... as a single unified market. GST envisages all transactions and processes to be done only through electronic mode, to achieve non-intrusive administration. Now the Govt. In this article, we attempt to tackle a few of them. Some other amendments have been made to the Entry 84 and 92A of the Union List empowering the Union to levy tax on sale of states and inter-state services respectively. GST has been one of the most crucial tax reforms in India’s indirect tax structure. Some of them include Alcohol for human consumption, Petroleum, etc.

The term GST has raised a lot of issues for laymen and professions alike. The GSTN has been set up with the key objective to provide a standard and uniform interface to the taxpayers and an infrastructure to the Central and State Governments. France was the first country in the world to implement the GST law in the year 1954.

Where the person earning the income is directly responsible for paying the tax on the same. With GST, there will be one tax rate in the entire country. Watch video. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

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