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Saturday, 20 May 2017

Goods & Services Tax Act, 2016

Goods & Services Tax Act, 2016 - One Nation, One Tax
The Goods & Services Tax already Passed by the Both Parliamentary House with 101st Constitution Amendment .(Lok Sabha & Rajya Sabha). On 29.03.2017 Lok Sabha Passed the GST & On 06.04.2017 Rajya Sabha Passed the GST. Goods & Services Tax will replace the all Indirect Taxes such as VAT, CST, CUSTOM, EXCISE, SERVICE TAX & etc.

Under the GST framework :-

  • The Centre will levy and collect the Central GST (CGST)
  • The States will levy & Collect the State GST, On Supply of Goods & Services within a State. (SGST)
  • The Centre will levy the Integrated GST (IGST) on inter-state supply of goods & services, and apportion of Tax will be share with the state's where the supply of goods & services are Consumed.
  • There is also a Provision in GST Law to compensate the State for first 5 years for any Revenue Losses owing to the implementation of GST.
Registration under GST
Every person is required to register under GST in any state in which he carries on his Business activities (including Jammu & Kashmir, because earlier Service was not applicable here), If the turnover exceeding Rs. 20 lakhs, A person can have multiple registration also. But for the Himalayan and North-Eastern states the threshold is Rs. 10 lakhs.

Here check out Official site of GST to Visit for more information




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