GST (Goods and Services Tax), a major breakthrough has the potential to make India competitive. A single tax to replace multiple levies is imposed to Augment Economic Gain and Curtail Compliance Pain. GST is charged on all dealings such as import of goods and/or other services, sale, lease, transfer, purchase, and barter.
Integrating several Central and State taxes into a single tax should lead to easier management and implementation. A Nation is complete when taxes are paid. The prime plus would be in terms of a decrease in the overall tax burden on goods for the buyer. GST amalgamates:
♦ Central Excise Duty ♦ Entertainment Tax
♦ Service Tax ♦ Entry Tax
♦ Commercial Tax ♦ Purchase Tax
♦ Value Added Tax (VAT) ♦ Luxury Tax
♦ Food Tax ♦ Advertisement taxes
♦ Central Sales Tax (CST) ♦ Taxes applicable on lotteries
Benefits of GST: Business and Industry Central and State Govt.
Efficacy Greater Revenue Seamless Tax Credits
Uniformity of Taxes Better Tax compliance
Reduces Compliance Cost Easy Compliance
Improved Competitiveness For the Consumer
Transparency of Taxes paid Lesser Tax Burden
Simple and easy to administer
Nevertheless, GST will be a substantial reform of the indirect tax structure of India. Every person/business providing amenities is liable to charge for the GST. Mixed reviews of GST as a success or a failure is to wait and watch. The journey begins!!!
http://veniteck.com/wp-content/uploads/2017/10/blog-3.jpg300300veniteck_adminhttp://veniteck.com/wp-content/uploads/2017/10/logo-for-web-01-3.pngveniteck_admin2017-10-11 12:08:222018-04-03 04:09:54ONE NATION, ONE TAX….FROM JULY 1 !!!
NO 469/C, Varsha Complex,
2nd Flr,Devinagar Main Rd,
Hebbal Ring Road,
RMV 2nd Stage,
Bengaluru – 560094,
Unit 4, 84-90 Lakewood Blvd,Braeside,
Victoria – 3195
+61 3 8609 1905
Suite 1505,Prism Tower,Business Bay,
P.O.Box: 282406 Dubai UAE
+97 1528 027 145
15 Renton Drive
Orpington Kent BR5 4HH
17 Waziri Ibrahim Crescent Victoria Island Lagos
+234 812 056 5519