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With the passage of the GST bill in both the houses of Parliament, its implementation from 1 July 2017 is nearly certain. India currently has a dual system of taxation of goods and services, which is quite different from dual GST. Taxes on goods are described as “VAT” at both Central and State level. It
Learn MoreGST is a type of value added tax and a proposed comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian central and state governments. Further, the Goods and Service Tax (GST)
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The government has put out the draft rules for the goods and services tax for discussion ahead of the September 30 meeting of the centre and states to discuss the regulations. In view of the right deadline, the finance ministry has asked for feedback by September 28. Rules relate to registration, invoice and payments, laying
Learn MoreAs tax rates during Goods and Services Tax (GST) regime will be closely aligned to the Revenue Neutral Rates (RNR) of the Centre and the States, the revenues of the Central and State Governments will not be impacted in the long run. To help States in the transition phase, the Constitution (122nd Amendment) Bill, 2014, which
Learn MoreStates taken care of, Madam(s) silenced, major parties who matter in the Parliament supporting, the process to introduce the biggest indirect tax reform in India, the GST, has begun. Bill No. 192 of 2014, The Constitution (one hundred and twenty second amendment) Bill, 2014 seeks to insert the following articles 246A, 269A and 279A in
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