In May 2016 the constitutional amendment bill for GST was passed by LokSabha and deadline of 1 st April 2017 to implement GST was set by ArunJaitley the finance minister of India. However, there is a huge outcry against its implementation. This paper presents an overview of GST concept, ...
This concept implies that the tax revenue goes to the state where the goods are consumed, not produced, to ensure fair distribution of tax revenue among states and eliminate the cascading effect of taxation. Earlier, the state collected the tax revenue where the goods or services were manufacture...
GST is not a new concept. The idea of a value-added tax was first introduced in France in 1954, and it was adopted by other European countries in the following years. In India, the idea of GST was first proposed in 2000 by the then Prime Minister Atal Bihari Vajpayee. However, it to...
# Concept:-Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017. # When to register for GST:-Mandatory to get GST Registration when annual...
Therefore, GST does not have such a concept of renewal. Here given below is the process of GST registration validity extension: Visit the official GST portal. Click on the login tab to access the username and password page. Enter your username, password, and captcha, then click the login ...
The concept was finally signed into law by his successor, Narendra Modi. Indian people from all walks of life, as well as international organizations, expect the reform to produce substantive benefits. Realization of “One Country, One Market, One Tax” will exert a major influence on India’...
concept was finally signed into law by his successor, Narendra Modi. Indian people from all walks of life, as well as international organizations, expect the reform to produce substantive benefits. Realization of “One ...
This paper is an outcome of an exploratory research carried out to understand the concept of Goods and Service Tax (GST) which will come in force in the country from 1st April 2017. The paper presents an overview of GST concept, explains its features along with its impact in the present ...
With effect from 1st July 2017, Goods and Service Tax(GST) was introduced in India. GST is an indirect tax and follows the concept of one nation, one tax for the entire country. It is imposed on the supply of goods and services. ...
For those unfamiliar with the concept, GST is an indirect tax in India applied to the exchange of goods and services. August 2023 Starting from 1st August, 2023 businesses that have an annual turnover over 5 crores are required to issue e-invoice. Please refer to the following table: ...