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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]
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
Value-added tax (VAT) was introduced into the Indian taxation system from 1 April 2005. The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules.
Refund Banker scheme introduced in 2007 eliminated the scope for corruption in the Refunds of Excessive Tax collected by the Department. [24] Introduction of E-filing of Taxes [ 25 ] and effective implementation of Permanent Account Number (PAN) are some revolutionary steps that reduced the scope for corruption at all levels while improving the ...
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.
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In 2016, Tally Solutions was shortlisted as a GST Suvidha Provider to provide interface between the new Goods and Services Tax (GST) server and taxpayers, and in 2017, the company launched its updated GST compliance software. [14] [15] In 2020, the company released TallyPrime. [16] [17] In 2022, they introduced TallyPrime Edit Log. [18]
Even more bettors are backing Ohio State compared to Notre Dame. The Buckeyes have been the most impressive team through the first two rounds of the CFP and have outscored Tennessee and Oregon by ...