Goods And Services Tax Bill (GST) All you need to know
The GST or Goods and service tax Also known as One Hundred Twenty second amendment Bill,2014 implemented by GOVT of Inda in 2016 August. According to financial/economic specialists , by implementing general and services tax India can gain 15 billion dollar yearly, we can increase our exports,more employment opportunities,etc.. definitely it is going to change the face of Indian tax system GST introduced and implemented by union finance minister Arun jeitly on Loksabha on 8th august 2016 and may be implemented from next financial year 1-05 2017.
It was first introduced during the period of 2007-2008 Loksabha budget on 17-12-2014 the current cabinet minister ministry,financial ministry, and financial minister Arun jeitly approved proposal for introduction General and services tax amendment bill. There is only one unified single tax rate instead of all taxes like value added tax (vat) Excise duties, Import duties, luxury tax, Central sales tax, Service tax etc….
In simple words implementation of “single taxation” system it includes both union and states. This system is called as GST.
Items not under Goods and Service Tax are : petroleum products , tobacco, alcohol.
Benefits of GST Bill :
- The tax system will be made simple and lean
- Improvement of export
- Economic growth
- Economic stability