Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: due date for vat payment :: VAT Audit :: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TDS
 
 
« Service Tax »
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
 GST implementation – Hasty turns out nasty
 What is Goods and Services Tax Network (GSTN)?

GST network to be implemented soon across India
March, 05th 2016

As the world's largest open source project, the Goods and Services Taxes Network (GSTN) will be ready soon for implementation across the country, a top official said on Wednesday.

"Our network will be ready by June for introducing the GST at the Centre and in all states, including union territories of Delhi and Puducherry," GSTN chief executive Prakash Kumar told reporters at an event here.

As a broad-based and comprehensive, single indirect tax, levied concurrently on goods and services across the country, GST will replace most of the central and state indirect taxes such as value added tax, excise duty, service tax, central sales tax, additional customs duty and special additional duty of customs.

As a tax levy on manufacture, sale and consumption of goods and services at a national level, GST is a credit mechanism, collected on value-added goods and services at each stage of sale or purchase in the supply chain.

(Also Read: Budget 2016: India Inc. gives thumbs up for reforms)

"GST will be levied at every stage of the production and distribution chains by giving the benefit of Input Tax Credit (ITC) of the tax remitted at previous stages; thereby, treating the country as one market," Kumar asserted.

Software major Infosys, which bagged the Rs 1,379-crore deal to set up the nationwide network and operate for five years, is working overtime to ensure it is up and running for rolling out the digital service soon across the country.

"Our teams are working with the GSTN firm and other stakeholders, including officials of the central and state governments, to implement the new tax regime," Infosys India business head CN Raghupathi told IANS.

The GST will come into force once the 122nd constitutional amendment bill is passed by parliament and enacted into an Act when 50 percent of the states ratify it and rules are framed.

"We need five-six months to roll out the GST as businesses and traders need to be told about its working," Revenue Secretary Hashmukh Adha told reporters in New Delhi on Tuesday at a discussion on the 2016-17 general budget.

With the GST bill stuck in the Rajya Sabha for want of consensus between the ruling National Democratic Alliance and the Congress-led opposition parties, its introduction with effect from April 1, as envisaged earlier, is ruled out.

"The network is built for about 70 million taxpayers, who will upload about three billion (3 crore) business-to-business (B2B) invoices every month across the country," Kumar said at a day-long meet on 'How to be digitally ready for GST', organised by the Confederation of Indian Industry (CII) southern region.

As against the complex and time-consuming filing of returns offline, a company will have to fill only two forms, as various taxes such as GST will subsume value added tax, central sales tax, central excise and other taxes at state level.

"In addition to filing monthly returns online in a secured network, the users can pay the tax online with an automated generated challan (form) attested by their digital signature certificate," Kumar added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions