MoneyMunch

GST means Goods and Service Tax. Single Tax to promote Indian Trade and Industry.

A great step by Team India that will help transform the economy, bring in transparency and usher in the system of “one country one tax“.

Benefits to Economy:

• To create a unified common national market.
• To give a boost to foreign investment & “Make in India” campaign.
• Increased economic activity to generate more employment.

Easy Compliance Environment:

• Seamless transfer of input tax credit.
• Reduction in compliance costs – multiple records not required to be maintained for a variety of taxes.
• Greater use of IT to reduce human interface between taxpayer and administration.

Simplified Tax Structure

• Single tax to replace multiple levies of Centre and States.
• Uniformity of tax laws & procedures across Centre & States.
• Robust IT system for registration, returns, refunds & tax payments.

The government clarified that the goods and services tax will keep its July 1st, 2017 date for countrywide rollout.

How to enrol GST Identification number (GSTIN)?

Our Government made it easy and completely online enrolment! All you need is a provisional ID, password, mobile number and email ID. Obtain your username/password by logging into www.aces.gov.in
For assistance: Call 1800 1200 232 or email: [email protected]

Revised Draft Model GST Law and Draft IGST Law available in public domain. The same can be accessed at www.cbec.gov.in, www.dor.gov.in or www.gst.gov.in

(Source: Central Board of Excise and Customs)