Goods & Service Tax (GST)
While coming to the end, the day 3rd August, 2016 became a historical day in the regime of Indian Indirect Tax Laws. The Rajya Sabha ( Upper House) of Indian Parliament finally approved the most awaited Constitutional Amendment "The Constitution (122 Amendment) (GST) Bill, 2014".
This approval shall make a drastic change in the Indirect Taxation Structure of India by removing various different Indirect Taxes (i.e. Exise Tax, Custom Tax, Service Tax, Central Sales Tax, VAT, etc.) and by harmonizing all in one and only Goods and Service Tax (GST).
What is GST?
"Goods and Services Tax would be comprehensive Indirect Tax on the manufacture, sales and consumption of goods and services throughout India, to replace taxes levied by Central Government and States Governments."
What is the objective behind GST?
The main objective behind passing and implementing the GST is to harmonize all the Indirect Taxes levied by the different Governments on various stages of a Product or Service. GST would be levied and collected at each stage of sale or purchase of the goods or service based on the input tax credit method.
The Input Tax Credit Method would allow the registered business entities / firms to claim the credit GST paid on input of goods or service.
As various documents have been issued on GST and various reports has been published, we are providing you collective data related to GST at one place. In the below mentioned links you can find the same.
Watch Rajya Sabha webcast by clicking the following Link.
Watch webcast of Finance Minister's reply to the discussion on GST Bill