Why do we need the GST Bill ?
Everyone in India today is asking “What is the GST Bill ?”. Now, we at Vyapar are making an attempt to explain it in plain terms to our readers.
To start off with, we know that every country and it’s Economy, changes with changing times. Today, India is one of the fastest growing economies and to reach this stage, it has undergone some major economic reforms like Liberalisation, Privatisation, Globalisation in 1991, Nationalisation of banks etc. The most recent being the Demonetisation.
These are some of the most significant milestones which have taken the economy ahead by leaps and bounds. One such reform that will take India’s economy ahead, is the GST Bill, also knows as Goods and Services Tax Bill 2014.
What is GST Bill ?
The Goods and Services Tax is a single tax applicable to everyone from manufacturer to consumers. It combines all the indirect taxes like SALES TAX , Central VAT, OCTROI, EXCISE DUTY, VAT, and others into one. The GST bill has passed in the Rajya Sabha on 6th April, 2017. It is now ready for implementation from 1st July 2017.
GST Bill ( Goods and Services Bill ) Details:
- All the goods and services produced in the country will be considered alike and thus, only one tax will be applied till the consumer accesses it.
- Furthermore, all types of industries, big or small, will be paying the same tax , hence creating equality in business.
- Because of the federal structure of the Indian Policy, the state and center governments will apply the State GST (SGST) and the Center GST (CGST) respectively.
- GST bill will be applied to both intra-state and inter-state transactions. i.e. the taxes to be paid by the business for their state transactions and country wide transactions will be the same.
- GST shall be levied on all imported goods and services.
Businesses in the future will be required to be more digital. Hence, the sooner businessmen start adopting technology to manage their business , the better it will for them to succeed.
Use this Application to manage your business on your fingertips. It is easy enough for everyone to use, even if you don’t have any accounting knowledge.
Take a step towards becoming more GST compliant using this Mobile App
For more details read the manual here.