Goods and Services Tax popularly known as GST Act has finally got the Presidential Assent. Now after several years of deliberation between centre and states, there is a consensus and a uniform law has been evolved where both centre and state will participate.
The aim of GST is to create a single point taxation. Instead of lots of indirect taxes at different stages, there will be a single point of taxation. The administrative cost to collect, control and monitor the taxes will be substantially reduced.
GST will hit on the corruption. The penalties are very stringent. Peak tax rate can be at 40% if required. On a long run, this will be a boon to the Indian economy. Procedural part is being implemented. It will roll on 1st July 2017 in the entire the country.
CA learning is bringing the latest knowledge pack which will help the students and professional on the key features of the GST Act. It will help them in their professional endeavor.
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