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What is the reason behind the introduction of GST in India?

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ana
Posts: 1
Joined: Mon Jun 19, 2017 9:13 am

What is the reason behind the introduction of GST in India?

Post by ana » Mon Jun 19, 2017 9:14 am

What is the reason behind the introduction of GST in India?

Rajarshi
Posts: 1
Joined: Mon Jul 03, 2017 6:30 am

Re: What is the reason behind the introduction of GST in India?

Post by Rajarshi » Mon Jul 03, 2017 6:44 am

GST or Goods and Service Tax is introduced in India to bring all the indirect taxes under one umbrella. The indirect taxes like VAT, Service Tax, and Cess all are levied separately under the current taxation system. Under the GST regime, all of these will be payable under one tax and the tax brackets for goods and services will be divided into 5 brackets starting from 0% (or no tax) all the way to 28% tax rates. This will bring in more transparency in paying taxes to the government as the dealer/distributor or vendor needs to show transaction details to the government without fail. It will also reduce the burden on the taxpayers as they will have to pay for one tax instead of paying taxes on taxes i.e. Tax cascading like cess on VAT etc. These are just some of the reasons why GST is implemented in India. You can find out more in detail here: http://www.grabon.in/understanding-gst- ... ete-guide/

prakhar21
Posts: 1
Joined: Thu Jul 13, 2017 12:17 pm

Re: What is the reason behind the introduction of GST in India?

Post by prakhar21 » Thu Jul 13, 2017 12:18 pm

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http://formcept.com/blog/twitter-speaks ... -formcept/

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