Goods and service tax (GST) is an indirect tax which is levied in India on the supply of goods and products. This tax came into from july 1,2017 which is introduced by Indian prime minister Narendra Modi.
On 12 august 2016 Assam became the first state of India who ratify the bill of GST.
GST the biggest tax reform in India founded on the nation of "one nation, one market, one tax ".
The single biggest indirect tax regime has kicked into force, dismantling all the inter-state barries with respect to trade. Fundamentally , the 2.4 trillion economy is attempting to transform itself by doing away with the internal barriers and subsuming central, state, and local taxes into unified GST.
As the enterprise are vulnerable to any major changes in economy due to GST, Founders and employee of those companies extremely conceredc about the impact of the four tax's I.e. 5%,12%,18%,28%.
E-commerce website such as flipkart and Amazon.in will have to collect at a fixed 1% rate and make online shopping costly.
Talking about the long term benefits it expected that GST would not just mean a lower rate of taxes but also minimum tax slabs, courries where the GST has helped in refound the economy in 2 and 3 years.
On 12 august 2016 Assam became the first state of India who ratify the bill of GST.
GST the biggest tax reform in India founded on the nation of "one nation, one market, one tax ".
The single biggest indirect tax regime has kicked into force, dismantling all the inter-state barries with respect to trade. Fundamentally , the 2.4 trillion economy is attempting to transform itself by doing away with the internal barriers and subsuming central, state, and local taxes into unified GST.
As the enterprise are vulnerable to any major changes in economy due to GST, Founders and employee of those companies extremely conceredc about the impact of the four tax's I.e. 5%,12%,18%,28%.
E-commerce website such as flipkart and Amazon.in will have to collect at a fixed 1% rate and make online shopping costly.
Talking about the long term benefits it expected that GST would not just mean a lower rate of taxes but also minimum tax slabs, courries where the GST has helped in refound the economy in 2 and 3 years.
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