The Prime Minister approved “ The constitution change bill for product and repair Tax ”(GST) within the Parliament Session (Rajya Sabha on three August 2016 and Lok Sabha on eight August 2016) together with the confirmation by fifty p.c of state legislatures. so this indirect taxes levied by state and centre already to get replaced with projected implementation of GST by Gregorian calendar month 2017. This may be the most important tax reform since independence and a boon to the economy because it can eradicate the shortcomings of this tax structure offer one tax on supply of all product and services.
What Is GST ?
- Eliminating cascading effect of taxes
- Tax rates will be comparatively lower as the tax base will widen
- Seamless flow of Input tax credit
- Prices of the goods and services will fall
- Efficient supply change management
- Promote shit from unorganised sector to organised sector
A business entity that's presently registered beneath any of the present tax regimes then it's mandatorily needed to migrate beneath GST law no matter the brink limits.The following central and state level tax regimes can finish with introduction of products and repair Tax (GST) .
- Central Excise duty
- Service Tax
- State VAT
- Central Sales Tax
- Entry Tax (all forms)
- Luxury Tax
- Entertainment and Amusement Tax (except when levied by the local bodies)
- Purchase Tax
- State Surcharges and Cesses so far as they relate to supply of goods and services
- Taxes on lotteries, betting and gambling
But if you are supplying goods and services and not registered under any
existing tax legislative then you are liable to register only if the
aggregate turnover in any financial year exceeds the threshold limit ,content source :-legalraasta.com
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