The much-awaited GST law will be effective from the next year to bring nationwide uniformity of taxation laws. This will make the taxation process simplified by eliminating multiple taxation filing both at central and state level. The nex tax regime is more easy and simple and creating the swift business environment. It would be applicable on all the verticals of the domestic market of India this includes import also. Import of goods and service would be treated as interstate supply and IGST (Integrated Goods & Service Tax) would apply on the import of goods and services in the country.
The destination principle and tax revenue will get accrued, where the imported goods get consumed and an SGST would apply. A full and complete set-off will be made available on the paid GST on imports. As per the guidelines ready for CGST (Central Goods and Service Tax), act whatever import will get shipped shall attract CGST and certain percentage of IGST (Interstate Goods and Service Tax). The CGST shall be consumed or transferred to the central government. The SGST levied against imports shall be credited to the state government.
The biggest tax reform since the liberalization and privatization in India “GST” got green signal on 3rd of August by the upper house and finally by the lower house on 8th of August after a long and intense meetings and debates between states, political parties and industry bodies.
The central government is planning to roll out GST in the next financial year commencing from April 1, 2017. The standard GST rate would be 18 % including 1 % additional tax for interstate supply of goods to compensate the losses of state revenue.
GST! The biggest game changer for Indian taxation system. Now a days it’s one of the hot subjects continues to baffle everyone. The present tax structure is very complex, includes too many taxes, too many outdated rules, too many legislations that can take up too much time and effort.
Hence the government is going to roll out Goods & service Tax, after a long wait, the Constitution Amendment Bill (GST Bill) was finally cleared in both the Houses of Parliament to tackle existing complexities of indirect taxes to bring price uniformity and make India one unified common market. In this article we are going to take a look how GST will impact the supply chain in India?
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