June 28, 2017

WE ALL KNOW WHERE WE'RE HEADED:

India's Historic Tax Overhaul, GST: What You Need To Know (Sindhuja Balaji ,  6/27/17, Forbes)

This Saturday, India will witness the implementation of the historic Goods & Services Tax (GST) - a consumption based tax levied on the sale, manufacture and consumption of goods and services across India.

Starting July 1, India's plethora of tax brackets will be subsumed under one common tax structure - GST. For an easier overview of taxes, and a closer surveillance on businesses, GST has been divided into three major taxes: Central Goods & Services Tax (CGST), State Goods & Services Tax (SGST) and Integrated Goods & Services Tax (IGST). The aim is to eventually ensure transparency between suppliers and consumers, and between taxpayers and the government, and make India a unified market for global trade.

Posted by at June 28, 2017 6:51 AM

  

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