By now you would have woken up to the news that we are following GST and being implemented of the biggest tax reform in India since 70 years. GST has replaced at least 17 federal and state taxes to implement a single and unified tax – Goods and Services Tax. The reason that our Hon’ble Prime minister Mr. Narendra Modi was vou ching frequently for bill to pass because it will help to increase at least 2% in the current GDP and that is a huge amount in itself, stemming India as one of the fastest growing economies in the world. For long India’s tax system had layers of direct and indirect taxes which added somewhere between 25% and 40% to the COGS. Currently, abolishing all the taxes in between, GST is pegged at between 18% and 28% that is not huge amount comparing with previous tax system. it is claimed that GST will be a simplified form of taxation that will achieve the multiple the objectives of the following Lowering tax burden; Expanding the tax base; and Increa...
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