Scheme in 1986, fungibility of credit between Excise and Service Tax Transformations over the past 5 to 6 decades. The indirect taxation regime in India has undergone many
LEARN TALLY ERP 9 NOTES PROFESSIONAL
Professional associations and the like provide valid inputs at an earlyĭate, and ensure the final GST Law addresses all the concerns to make Draft model GST law was first made public in JuneĢ016, after which the Revised Draft Law was made public on 26th NovemberĢ016. It is high time that businesses, industry/trade bodies, GST (Goods and Services Tax) is a Destination based Consumption tax, and the taxable event is SupplyĪs against the existing taxable events of sale, manufacture or Goods and Services Tax is a comprehensive tax levied on supply of However, the success of a business will significantly depend on theĪbility to understand and adopt to this new reality as certain existingīusiness practices will have to undergo changes. Uniform process across India will contribute significantly to ‘Ease of doing Business’. Apart from elimination of cascadingĮffect, the benefits of simplified compliance, technological backing and Will be the new reality with GST subsuming over ten indirect taxes and Goods and Service Tax Bill has significantly evolved over the past decade and is touted as the single largest tax reform in India since independence. It is estimated to boost GDP by 1.5 to 2%. This post has been updated on 2 December 2016 to incorporate latest changes.Īugust 3 rd, 2016 will be recorded as a red letter day in the history of Indian taxation due to the near unanimous passage of 122 nd Constitutional Bill in Rajya Sabha, paving the way for roll-out of GST (Goods and Services Tax) in India from 1 st of April 2017.
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