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 April 2017.
“Since the introduction of GST, the local traders in Jammu were under great confusion about the process and the changes to be made” said Dixit Gupta, President, JCDA, Jammu
To clear the air of confusion among the traders in the market of Jammu, the IT association of Jammu organized a seminar totally focused on the introduction of GST. The traders who were earlier blank and had no idea about the new introduction now at least could relate to the process.
Guest speakers from Tally and Busy software solution companies addressed the participants and informed them about the various aspects of GST.
“After the seminar, the traders of Jammu got an overview of the functioning under GST, now the IT association of Jammu is looking forward to analyse the changes to be held because of the introduction of GST in the market” said Rajeev Majotra, Secretary, JCDA, Jammu.
With GST, it is anticipated that the tax base will be comprehensive, as virtually all goods and services will be taxable, with minimum exemptions.
GST will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system.
GST will have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems.
Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation. It was introduced by The Constitution (One Hundred and First Amendment) Act 2016.