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Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4]
The committee submitted its report to the government in April 2008 and released its First Discussion Paper on GST in India in 2009. [2] Since the proposal involved reform/ restructuring of not only indirect taxes levied by the Central but also the States, the responsibility of preparing a Design and Road Map for the implementation of GST was ...
10] This is apex institution of government of India for capacity building in the field of Customs, Indirect Taxes, and Narcotics under the administrative control of Central Board of Indirect Taxes and Customs (CBIC). The functions of NACIN is specified in CBIC office order No.06/Ad.IV/2017 on 12 June 2017 which states that NACIN will undertake ...
However "The Central Sales Tax Act, 1956" (Central Act) which levies sales tax on inter-state sales is still effective and all inter state sale and purchase transactions effected after 1 April 2006 in the State of Gujarat shall continue to be subject to levy central sales tax as applicable earlier.
The Schedule in any Finance Act is a systematic depiction of all the rules and regulations laid down by the Act for that Financial Year. [3] The Schedule gives details on Rates of Income Tax; Surcharge on Income Tax; Rates for Deduction of Tax at Source; Details of Advance Tax; Details for computation of Net Agricultural Income; among other ...
The 2018 budget was considered to be a crucial one, [9] [10] [11] as it would be the first since the rollout of the Goods and Service Tax (GST) regime in India. [12] [13] [14] It was widely expected that the budget would either increase the exemption limit, or introduce a standard deduction for salaried people to reduce the tax burden, in addition to a reduction of the tax rate for the ₹ 5 ...
The nation’s debt ceiling was reinstated Thursday, giving congressional Republicans yet another divisive challenge to contend with in 2025.
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.