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What is GST? Goods & Services Tax Explained for Beginners

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What is GST? Goods & Services Tax is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. To understand this, we need to understand the concepts under this definition. Let us start with the term ‘Multi-stage’. Now, there are multiple steps an item goes through from manufacture or production to the final sale. Buying of raw materials is the first stage. The second stage is production or manufacture. Then, there is the warehousing of materials. Next, comes the sale of the product to the retailer. And in the final stage, the retailer sells you – the end consumer – the product, completing its life cycle.                          So, if we had to look at a pictorial description of the various stages, it would look like: GST basics Goods and Services Tax will be levied on each of these stages, which makes it a multi-stage tax. How? We will see that shortly, but before that, let us talk about ‘Value Addition’. Let us assume that a manufacture

GST Bill in India – One Step Towards Simplifying the Muddled Up Tax System

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                GST Bill in India – One Step Towards Simplifying the Muddled Up Tax System The proposed Goods and Services Tax (GST) is said to replace all indirect taxes levied on goods and services by the Government, both Central and States, once it is implemented. The GST will consolidate all State economies. It will be one of the biggest taxation reforms to take place in India once the Bill gets the official green signal. The basic idea is to create a single, cooperative and undivided Indian market to make the economy stronger and powerful. The GST will make a significant breakthrough paving way for an all-inclusive indirect tax reform in the country. In the year 2000, for the first time the idea of initiating the GST was made by the then BJP Government under the leadership of Atal Behari Vajpayee. An empowered committee was also formed for that, headed by Asim Dasgupta (the then Finance Minister of the West Bengal Government). The committee was formed to des

Why is Goods and Services Tax so Important?

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So, now that we have defined GST Course , let us talk about why it will play such a significant role in transforming the current tax structure, and therefore, the economy. Currently, the Indian tax structure is divided into two – Direct and Indirect Taxes. Direct Taxes are levies where the liability cannot be passed on to someone else. An example of this is Income Tax where you earn the income and you alone are liable to pay the tax on it. In the case of Indirect Taxes, the liability of the tax can be passed on to someone else. This means that when the shopkeeper must pay VAT on his sale, he can pass on the liability to the customer. So, in effect, the customer pays the price of the item as well as the VAT on it so the shopkeeper can deposit the VAT to the government. This means that the customer must pay not just the price of the product, but he also pays the tax liability, and therefore, he has a higher outlay when he buys an item. This happens because the shopkeeper has paid

Goods and Services Tax Training

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                  Perfect IT Solutions ensures that you stay ahead of your professional requirements. To ensure that you are aware of the principles of GST Training and the nuances of the upcoming taxation system, enroll yourself in this course. Details of the course: · Overview of Goods & Services Tax Proposal · Model Goods and Service Tax Law & key Provisions · GST Compliance aspects ( Registration , Payments, Returns & Refunds ) · Readiness / Implementation of GST System for companies Hurry and Book your seat for the classes. Registrations are Open !! For further queries feel free to call us at +91 9610023366 or at contact-www.perfectcomputerclasses.com

10 Things You Need To Know About GST And Its Impact On Your Life

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                       1. PAY ONLY THE LAST POINT OF TAX 2. TAX REDUCTION BENEFIT 3. ALCOHOL, PETROL KEPT OUT 4. BURDEN TO LOWER WITH TIME 5. SERVICE SECTOR TO BE AFFECTED 6. REVISED MANUFACTURING PRICES 7. STOCK MARKET EFFECT  8. EASE OF DOING BUSINESS 9. SMALL BUSINESSES, BIG BENEFIT + 10. TAX COMPLIANCE = HAPPY GOVERNMENT = HAPPY CONSUMERS The GST is considered to be a structural reform that is not just transformation for our economy, but also beneficial in multiple ways - creation of a better national market; ease of doing business will be enhanced and an improved tax compliance. The GST implementation will lead to in benefits for everyone who is a part of the Indian economy – both businessmen as well as consumers

What is GST and How it will Affect You

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The Rajya Sabha has cleared a  constitutional amendment to bring about a system of Goods and Services Tax (GST) in India. It is perhaps the most important economic reform item on the Narendra Modi government’s agenda. This is one reform which affects all of us. It also happens to be a complicated reform as most taxation matters usually are. This blog attempts to present an overview on GST Course and explain why it is expected to make a difference to all of us. How is India’s tax system structured today? The constitution divides taxation powers between centre and states. Both levels of government have some exclusive areas where they can levy tax. Income tax, which includes tax on company profits, is the exclusive domain of central government. These taxes are referred to as direct taxes. Indirect taxes are taxes levied on manufacture of goods, provision of services and consumption. In India, generally speaking, indirect taxes levied on manufacture of goods or provision of se