New GST Systems for India

Posted on: 30/06/2017

13 years in the making, the Indian government has implemented the new indirect tax regime – the Goods & Sale Tax (GST) from 01.07.17, its biggest tax reform in 70 years..  The Indian government has issued a pdf (122 pages) “Things you must know about GST” to explain 

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The government will introduce GST for a variety of goods and services along four main rate bands: 5-, 12-, 18- and 28 percent irrespective of the location of purchase. Certain goods such as fresh meat, eggs, milk, among others, will not be taxed, according to a list compiled by the Economic Times newspaper.  It will ultimately boost tax receipts and provide simplicity for businesses, but the true impact may not be felt for at least a decade due to implementation challenges, experts said. Read More

 

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