GST the New Taxation Policy in India
Posted by John Smith on April 22nd, 2016
Taxes are very important for the development of nation and its duty of every citizen to pay their taxes honestly. There are different kind of taxes that are introduces by the government and that are implementing in our country. There are various types of taxes that are into action and the list includes Income Tax, Wealth Tax, Service tax, VAT, Corporate Tax, Property Tax, Customs and Excise Duty on products etc. Government of India has introduced a new system GST i.e. Goods and Service Tax. This taxation system is to be implemented in India from June 2016. It would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout the country.
About Goods and Service Tax:
Many states implements service tax on goods and many states implements VAT system of taxation on goods. With the introduction goods and services tax in India every state would have to follow the same taxation policy. The GST would be beneficial for the country as well as the government India. If you want to find further information regarding GST then you can go through a website GST Dost an expert tax doctor and an adviser. The website has all important information regarding the GST Bill which you can read yourself by visiting the website.
Benefits of GST:
It is assumed that the Goods and Sales Tax would have an overall good impact on the country. The main function of GST is to transformation of India into a uniform market and breaking of the fiscal barriers between different states. It will facilitate a uniform tax on goods and services throughout the country and not like the current complicated tax policies of the Centre & State separately. The GST will have two components naming the Central GST and the State GST. This tax system is all in one tax system and taxes such as service tax, excise duty, central sales tax, value added tax and entry tax would all be replaced by one single tax system i.e. GST.
A businessman would have to complete GST registration online once the tax policy is passed and is into action throughout the nation. After the registration a unique identification would be provided based on State and PAN number. For registration the businessman would have to access e-portal set up by the GST network and can complete the registration process and submit his application. On approval of the application he would be provided with GSTIN along with login id and password. To know more about GST and enquire about the GST system you can visit the doctor of service taxes GST Dost.
