About GST and it's implications
What is GST ?
GST is an Indirect tax which has replaced many tpes of indirect taxes.The Goods and Service Tax Act was came in the forced in parliament on 29th March 2017.
And it's effect on 1st July 2017. Goods and service Tax is comperhensive and that is levied on every addion of value of Goods and Services.
GST is only indirect Tax in substance of all other indirect Taxes.
Journey of GST
The GST journey started in the year 2000 when a committee was established for draft law. and it's took 17 years from then for law to effect.
And in 2017 GST bill was passed in the lok Sabha and rajya Sabha.
And 1st July 2017 it was came into force.
And 1st July 2017 it was came into force.
Advantage of GST ?
GST has mainly removed cascading effects on the sale of Goods and Services.
Cascading effects has removal and impacted the cost of goods. Since the GST regime eliminate the Tax on Tax,it's effect cost of Goods is decreases GST rates and How its impact.
And GST is also mainly technologically drive. All activities are easily way with technology like Registration, payment,file returns etc. All are done easily in GST portal.
No comments:
Post a Comment