21st July 2017
Goods and Services is a new tax system in India. GST will make tax system simpler in India. Since, all the indirect tax have been subsumed to make single indirect tax GST. GST introduction will bring good days. This is the statement given by the government. It has been more than 15 days since GST introduction people have got idea about the new tax system. Government has declared that GST will find new ways for Business in India.
Goods and service tax introduction will fruitful outcome this will be estimated in October. New indirect arrangements will complete its first quarter. But seeing the data of the first 15 days of implementation, it shows that the revenue has increased by 11 per cent on a month-to-month basis. Central Excise and Customs Board (CBEC) has given this information. CBEC said that total revenue from import from July 1 to July 15 was Rs 12,673 crore, while in June it was 11,405 crore rupees in the same period. Main outcome and stats will be known after October only Since, GST rates have been kept 'neutral', so that the tax rates were as low as before, remain the same. It is not necessary that there will be any decline in revenue growth.
Businessman will earn profit and will have benefit from Input Tax Credit But there will be no loss of revenue due to increase in tax base. Although, Digitization is increasing rapidly in the tax base, But it is too early to say anything on this. There have been new ways for Online GST return Filing. GSTN has prepared a platform where taxpayer can file their tax returns.
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