Deatils about Gst? When it applicable? What is it effects on Indirect Taxes?....What are the measure changes in Indirect taxtation?
From India, Delhi
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From India, Delhi
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Goods and Services Tax (GST) is a part of the proposed tax reforms that center around evolving an efficient and harmonized consumption tax system in the country. Presently, there are parallel systems of indirect taxation at the central and state levels. Each of the systems needs to be reformed to eventually harmonize them.
The proposed GST was to set April 1, 2010, as the date for introducing GST. Worldwide, goods and services attract the same rate of tax. That is the foundation of a GST. The first step towards introducing GST is to progressively converge the service tax rate and the CENVAT rate.
The goods and service tax (GST) is proposed to be a comprehensive indirect tax levy on the manufacture, sale, and consumption of goods as well as services at a national level. The integration of goods and services taxation would give India a world-class tax system and improve tax collections. It would end the longstanding distortions of the differential treatments of the manufacturing and service sectors. The introduction of goods and services tax will lead to the abolition of taxes such as octroi, Central sales tax, State-level sales tax, entry tax, stamp duty, telecom license fees, turnover tax, tax on consumption or the sale of electricity, taxes on the transportation of goods and services, and eliminate the cascading effects of multiple layers of taxation. GST will facilitate seamless credit across the entire supply chain and across all states under a common tax base.
Currently, 15 states agree to implement GST with the Government of India; it will take another year to implement effectively.
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Global Overseas - Delhi Office.
From India, Gurgaon
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5The proposed GST was to set April 1, 2010, as the date for introducing GST. Worldwide, goods and services attract the same rate of tax. That is the foundation of a GST. The first step towards introducing GST is to progressively converge the service tax rate and the CENVAT rate.
The goods and service tax (GST) is proposed to be a comprehensive indirect tax levy on the manufacture, sale, and consumption of goods as well as services at a national level. The integration of goods and services taxation would give India a world-class tax system and improve tax collections. It would end the longstanding distortions of the differential treatments of the manufacturing and service sectors. The introduction of goods and services tax will lead to the abolition of taxes such as octroi, Central sales tax, State-level sales tax, entry tax, stamp duty, telecom license fees, turnover tax, tax on consumption or the sale of electricity, taxes on the transportation of goods and services, and eliminate the cascading effects of multiple layers of taxation. GST will facilitate seamless credit across the entire supply chain and across all states under a common tax base.
Currently, 15 states agree to implement GST with the Government of India; it will take another year to implement effectively.
Best Regards
Global Overseas - Delhi Office.
From India, Gurgaon
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Sir/ Madam, how much income limit for consultant’s GST registration. kindly provide me basic knowledge for the same Thanks Ketan Anjaria
From India, Pune
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From India, Pune
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