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GST to be applicable from April 1, 2017 across India
Minister of State for Finance assures; also states that Govt. planning to curtail black money in generation stage
GST is a Great Step by Team India: PM Modi
The Prime Minister asserted that small businesses will also gain tremendously from GST
Taxing transaction under CGST & SGST
Both would be levied on the same price or value unlike State VAT which is levied on the value of the goods inclusive of Central Excise.
Proposed registration procedures under GST
Existing tax payers will not have to apply afresh for registration under GST
Key features of proposed payment procedures under GST
Focus on going digital and ‘ease of doing business’
How will GST be implemented in the country?
Both Centre and States will simultaneously levy GST across the value chain
GST roll out infrastructure is ready: EA Secretary
However, besides passage by Parliament, it also requires ratification by at least half the number of the State Assemblies.
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