GST In India

GST or the Goods & Services Tax is a familiar term in the corporate sector. It is the tax system introduced by the government that implies an equal tax on the certain items that fall under its category. This kind of tax is soon going to be applicable in all the 4 directions of the country. With the GST, it is anticipated that the tax base will become extensive, as the goods and the services will be taxable with the minimum exemptions. It will leave its impact on the major areas like pricing of the product, the supply chain and the tax compliance system.

GST- An Overview
The GST would be a comprehensive indirect tax on the production, sale and the consumption of the goods and services all over India. It will applicable all over India in the month of April 2017. By introducing the GST, the government has aimed to terminate the CGST and the SGST. It is expected that the base and other design features will be an amalgamation of the features of the CGST and SGST. This in result will attract the same taxes in the different state as the exports will be zero-rated. In addition, the GST in India with respect to the supply of the goods and services, additionally 1% tax has will be applicable as it could be imposed by the government.

The Salient Features Of GST
    * The center will levy IGST on the interstate supply of the good and the services.
    *  The other taxes that will be absorbed by the GST include the names like central excise duty, additional excise duty, service tax, additional custom duty and special additional duty as well as state-level taxes such as VAT or sales tax, central sales tax, entertainment tax, entry tax, purchase tax and the luxury tax.
    *  A provision could be made that can terminate the imposition of the entry tax across India.
    *  The entertainment tax imposed on the cinema halls will be subsumed under the GST.

The Benefits Of GST
A majority of the people including the tax experts and the elite class are seeing the concept of GST quite attractive. This super-efficient tax system is loaded with numerous advantages and here a sneak peek at some advantages.
*    The application of GST will terminate the disputes that arise due to the lowering of the taxes.
*     The unwanted municipality taxes will be eliminated.
*    The structure of the Indian tax system will be rationalized.
*    A majority of the taxes that were mentioned previously will be subsumed by it.

GST is said to bring the significant changes in the way of business is done in India. As the month of April will approach in the year 2017, the curiosity related to GST will increase the heartbeat of many including the taxpayers on a wider scale. The experts expect that the changes will be substantial and will have a positive impact. All that is required is the planning for the upcoming scenario. A proper planning may fetch numerous benefits of GST in India.