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
Latest Expert Exchange
« Service Tax »
 How to get registered under goods and services tax
 Service Tax can’t be Levied on Activity of Collection of VAT on behalf of Commercial Tax Dept
 Why you should worry about June 15 advance tax date
 Five reasons why you should start your investments in tax saving funds now
 Income Tax Department Releases All 7 ITR Forms Check Details About New IT Forms
 Income tax benefits for senior citizens: Here is all you need to know in brief
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws

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 2018 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