जीसटी बाबत सर्व काही —सविस्तर माहितीसाठी इकॉनॉमिक टाइम्स मधील बातमी वाचावी

In India, the tax system has traditionally been, literally, quite taxing. There are the central government taxes such as the service taxes, central surcharges and central cesses. Then there are those levied by the state government: VAT/sales taxes, entertainment tax, luxury tax, and state cesses.
India’s taxation is fragmented, and can be a bit complex. There are separate taxes for goods and services, and this necessitates division of transaction values into value of goods and values of services for taxation, leading to greater complications, increased administrative work, and higher compliance costs.

Thus, the consumer ends up paying for multiple taxes levied by the centre, as well as the various state governments, on services and materials that go into making a single product, and transporting this product from the factory to the retail outlet.

Related: Latest in the GST—4-slab structure and how it will affect your monthly budget

However, all that is now set to be over. On 20 March 2017, the Union Cabinet approved four legislations that were needed to get the Goods and Services Tax (GST) introduced in Parliament; these bills had earlier been approved by the GST Council.

via With GST ready to roll out this July, what does it mean for you?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s