Suppoase you are a small-scaled bussiness man. You are worried with the newly implemented GST On business found farms. so, solicit a kalkata bassed income fond farms for Counselling.
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Answer:
Explanation:
The Goods and Services Tax (GST) – GST Bill was passed in Lok Sabha on 6th May, 2015. The concept of GST in India has been mooted and evolved for over a decade now. With the GST Bill passing the Lok Sabha, it is now slated to be presented to the Rajya Sabha. Once cleared by the Rajya Sabha, the Bill would set in motion the rollout of GST in April, 2016, transforming India’s indirect taxation system. In this article, we review some of the major advantages of GST implementation in India for startups and small businesses.
GST Overview
GST or Goods and Services Tax is a value added tax, levied at all points in the supply chain with credit allowed for any tax paid on inputs acquired for use in making the supply. Therefore, it is the end consumer who bears this tax as the last person/entity in the supply chain. The introduction of GST in India is expected to result in major simplification of indirect tax structure at both Centre and State levels – replacing the multiple layers of complex taxation currently existing in India.