8 Facts About GST You Should Definitely Know!

 

The main purpose of implementing the GST regime in France was to stop tax evasion which was prevalent in the country due to high tax rates.

The GST was talked about for the first time in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel.

 

On the midnight of 30th June, India became the 161th nation to adopt GST.

 

However, but these goods would be subject to existing State levies.

 

 

The government has decided to make tax evasion of over Rs 5 crore under the proposed GST regime as a non-bailable offence, with the police having authority to make an arrest without a warrant.

Businesses with a turnover of less than Rs. 20 lakh (Rs. 10 lakh for the North East States) need not register under the GST regime.

Life becomes easy for traders, truckers with octroi, LBT check posts gone.

Happy Vyaparing!!!


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