Wednesday, 29 March 2017

GST bill passed from Lok Sabha Another step towards tax,

The path of one country and one tax is slowly becoming clearer. Four bills related to GST have been passed from the Lok Sabha on Wednesday. Now the Government expects that the goal of implementing GST from July 1 in the country will be fulfilled. PM Modi has greeted the people of the country by tweeting The PM said, "Congratulations to all the nationals on passing the GST bill. New year, new law, new India!

GST बिल पास होने पर सभी देशवासियों को बधाई | नया साल, नया कानून, नया भारत!

What will happen if GST is implemented?

After the GST is implemented, there will be a single tax in the whole country, now different states have different taxation arrangements. After the GST is implemented, indirect taxes, such as excise duty, service tax and VAT from the Center, will be united by the Center. It is not yet determined how much tax will be charged for different goods but it is decided what will be the tax slab. According to five, twelve, eighteen and twenty-eight percent, there will be tax on different goods and services.
What are the four bill passed from the Lok Sabha and what will they have?

First - Central Goods and Services Tax Bill (CGST)

This bill explains how the central government can recover tax after the GST is implemented. An important point in this bill is that if tax on goods is reduced after GST is implemented, then it will have to be extended to the customers. That is, you will also have to reduce the price of the goods when the tax is reduced.

Second- Integrated Goods and Services Tax Bill (IGST)

The bill has been introduced to impose business tax on goods and services between two states. It will also get the right to tax on the goods to be imported.

Third - Union Territory Goods and Services Tax Bill (UT GST)

It is possible to implement GST in five union territories through this bill.

Fourth- Goods and Services Tax Bill

In this bill, efforts have been made to remove the fears of the states which felt that their income would be reduced due to the GST implementation. According to the bill, the full amount of loss for five years will be paid as compensation. This will be the basis for 2015-16 earnings.

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