Finance Minister Arun Jaitley has moved four GST (Goods and Services Tax) bills in Lok Sabha today. Calling it a revolutionary step which would benefit all, Jaitley said both states and the Centre had pooled in their sovereignty into the GST council. Speaking in the Lok Sabha, he said 12 meetings of the GST council were held to make it a process based on consensus and recommendations.
India’s most ambitious indirect-tax reform is likely to roll out from July 1.
How well do you know your GST? Here’s a brief explanation of its various aspects:
What is GST?
The Goods and Services Tax (GST) will replace nearly a dozen central and state levies into a single national sales tax. It will make the movement of goods cheaper and seamless across the country. It would be far simpler than the current system, where a good is taxed multiple times and at different rates…..Read Continue…..Read Continue