GST

The Constitution Amendment Bill for Goods and Services Tax (GST) has been approved by The President of India post its passage in the Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) and ratification by more than 50 percent of state legislatures. The Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and implement GST by July 2017.

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Biju, CEO, Christ Industries, Athani, Thrissur

Understanding GST

GST is a value-added tax levied at all points in the supply chain with credit allowed for any tax paid on input acquired for use in making the supply. It would apply to both goods and services in a comprehensive manner, with exemptions restricted to a minimum.

In reality it's 'Good & Simple Tax'

Narendra Modi, Prime Minister Of India.

Benefits Of GST

GST has been envisaged as an efficient tax system, neutral in its application and distributionally attractive.

The advantages of GST are:
• Wider tax base, necessary for lowering tax rates and eliminating classification disputes
• Elimination of multiplicity of taxes and their cascading effects
• Rationalization of tax structure and simplification of compliance procedures
• Harmonization of center & state tax administrations, which would reduce duplication & compliance costs
• Automation of compliance procedures to reduce errors and increase efficiency

The old India was economically fragmented, the new India will create one tax, one market and for one nation.

Arun Jaitley, Minister Of Finance, India.

Destination Principle

The GST structure would follow the destination principle. Accordingly, imports would be subject to GST, while exports would be zero-rated. In the case of inter-state transactions within India, State tax would apply in the state of destination as opposed to that of origin.

Salient features of the proposed Indian GST system
• The power to make laws in respect of supplies in the course of inter-state trade or commerce will be vested only in the Union Government. States will have the right to levy GST on intra-state transactions, including on services.
• The Centre will levy IGST on inter-state supply of goods and services. Import of goods will be subject to basic customs duty and IGST

Very satisfactory and professional approach towards project management. Very good understanding and implementation of clients objectives and requirements.

Laxmanan Mannadiar, CEO, Vinlax, Palakkad

Ready For GST?

eqsoft is really glad to introduce GST featured userfriendly ERP software solution to the market.The company is preparing more software modules in such a way that the GST tax filing and billing work can be made faster and easier while everyone knows that the return filing under the GST will be done online and the payments will be accepted via Net banking, Credit/Debit card as the company has already been working consistently on taxation software since last 20 years and it understands the professionals' requirements in a better way. As the Indian Govt. has already revealed that the returns and registrations under the GST regime will be carried away online and so the requirement of a good user-friendly software will be much needed. The GST software is designed in such a manner that the GST work becomes hassle free.

My focus areas are on global standardization and harmonization of business processes lorem dolor is reorganization of marketing and customer standardization and harmonization.

Jeff Collins, Founder of Tizara Inc.

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