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News in pics- 18 January New Delhi, June The much-anticipated tax regime kicked in after speeches by President Pranab Mukherjee and Prime Minister Narendra Modi and continued until midnight.
It is a multi-stage, destination-based tax that will be levied on every value addition. The tax regime which was initiated by the UPA government has been put into force by the Narendra Modi government tonight. GST is believed to replace the current indirect tax system and will replace a mix of more than a dozen state and central levies built up over seven decades with a one national GST.
After seven long years, a proposal to introduce a national GST by April 1,was first mooted in the Budget Speech for the financial year The idea of GST was bogged down for years in bipartisan debate, with political parties in government trying to push it and those in opposition pulling it down.
For computing, aggregate supplies turnover of all supplies made by you would be added. The threshold for paying GST is Rs 10 lakh in the case of northeastern and special category states.
The indirect tax regime is applicable on interstate trade irrespective of this threshold. How long can I wait to register for GST? An unregistered person has 30 days to complete its registration formalities from its date of liability to obtain registration.
Which existing taxes are subsumed into GST? Taxes including central excise duty and additional excise duty, import duties, service tax, central cesses and surcharges, state taxes like value-added tax VATCentral sales tax on inter-state trade of goods, luxury tax, entertainment tax except those levied by local bodies, taxes on advertisements, surcharges on supply of goods and services are subsumed into GST.
If an individual is not liable to register under GST but has was registered under Service tax can apply for cancellation of Provisional ID on or before July 31, Jaitley said that all the members of the Opposition Parties were consulted on the indirect tax reform.
The implementation of GST is believed to add 0.
The government has promised that once GST is rollout across the nation, the transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
July 1, CURRENT affairs for UPSC IAS by Insights IAS is now followed all over India by IAS aspirants. Insights current affairs is regarded as the best source for UPSC exams. The owner of a wildlife hospital has been fined $4, for keeping wildlife without a permit after removing a snake from a neighbour's yard.
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A study on implementation of goods and services tax (GST) in India: Prospectus and challenges free download Abstract There are mixed response, inexplicit, arguments and opinions among the Manufactures, traders and society about the Goods and Services Tax (GST) to be implemented by Government of India from 1st April this year.