Thursday, 30 March 2017

GST Bills Passed in Lok Sabha: Goods and Services Tax (GST) Highlights

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GST Bills Passed in Lok Sabha

It’s a big day for India because GST Bills has Passed in Lok Sabha and now everyone is interested to know about Goods and Services Tax (GST). After three days of strong conversation, the GST Bills were finally cleared, that include central, state, indirect and integrated tax rule. So now check highlights of Goods and Services Tax Bill and how will it benefit us from this page. 
GST Bills Passed in Lok Sabha
This brings India under a solo integrated tax net for the very first time, and the tax reform will be rolled out by July 1, 2017 and it will include a number of indirect taxes imposed by the Union and state governments, such as excise duty, VAT, service tax, luxury and entertainment levies, etc. For more updates about Goods and Services Tax Bills, you may need to scroll down this page of privatejobshub.in

GST Bills Passed in Lok Sabha

Highlights Of GST Bills Passed in Lok Sabha:

1. GST structure Have four slabs
  • The new government will have four slabs of 5%, 12%, 18% and 28%.
  • There will be no tax on necessary items such as rice and wheat.
  • The lowest tax rate of 5% is planned for items of mass consumption such as spices, tea and edible oil.
  • There will be two “standard” rates of 12% and 18% covering most manufactured items and services.
  • The highest tax, of 28%, will be imposed on items such as luxury cars, pan masala, tobacco and aerated drinks.
2. Provide Compensation to states
  • Compensation bill will make sure states acquire compensated for the first five years for the income loss after the GST rollout.
  • Money will come from a finance created from the cess and the Centre will charge on certain goods, above the GST rate.
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3. Dual control on taxpayers
  • Centre and states will both assess taxpayers with an annual turnover of above Rs 1.5 crore.
  • States will also have the power to assess taxpayers with a turnover below Rs 1.5 crore.
4. Exemption from GST

In North-eastern states, industries with a yearly turnover of Rs 10 lakh or below will be exempt from GST and for the rest of India, the limit is Rs 20 lakh.

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How GST is Differ From Other Taxes??
  • At present, there are many indirect taxes and we all know about Service Tax, Vat, Luxury tax etc. You can observe that these taxes when you check out from a hotel and whenever you pay the bill at restaurant, the bill they offer to you contain these taxes.
  • Now, what GST does is that it merges all these taxes into one, i.e. subsumes all other indirect taxes and it is done for all the Central level and State level taxes.
  • The nature of GST is that it taxes only the final customer, hence the cascading of taxes is keep away from and production costs are cut down.
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Advantages of GST Bill

The Remarkable thing about Goods and Services Tax Bill is that it avoids “cascading of taxes” and now we’re listing some advantages of Goods and Services Tax Bills, take a look…
  • It Removed Multiple Taxation
  • Goods and Services are taxed at same rate
  • Taxes on the Manufacturers are reduced
  • It helps in the seamless flow of credit in the country
For Implementing Goods and Services Tax Bills around nine hours of extreme debate and voice vote were organized after that the following four bills were passed in lok sabha Central GST, Integrated GST, Union Territories GST and GST Compensation bills.
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Now we can that GST Bills will abridge administration, improve compliance, and remove distortions in production, trade and consumption. If you want to send your feedback regarding GST Bills Passed in Lok Sabha then you’re freely send by leave their comment in below stated comment box.  

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