Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Charlie Kirk shot dead
  • Nepal protests
  • Russia-Poland tension
  • Israeli strikes in Qatar
  • Larry Ellison
  • Apple event
  • Sunjay Kapur inheritance row
fp-logo
Narendra Modi govt set to roll out GST: Five things you should know about 'one tax for one nation'
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit

Narendra Modi govt set to roll out GST: Five things you should know about 'one tax for one nation'

IndiaSpend • June 30, 2017, 09:50:57 IST
Whatsapp Facebook Twitter

The government is all set to roll out the goods and services tax (GST) at the stroke of the midnight on 30 June, 2017.

Advertisement
Subscribe Join Us
Choose
Firstpost on Google
Choose
Firstpost on Google
Narendra Modi govt set to roll out GST: Five things you should know about 'one tax for one nation'

By IndiaSpend Team The government is all set to roll out the goods and services tax (GST) at the stroke of the midnight on 30 June, 2017. All states/union territories, except Jammu & Kashmir, have approved the state goods & services Act (SGST) for ensuring the roll-out. table,th,td{ font-size: 12px; font-family: arial; border-collapse: collapse; border: 1px solid black; } table{ width:580px; margin-left:10px; margin-right:10px; } th,td{ text-align:center; padding:2px; } th.center{ text-align:center; } tr:nth-child(odd) { background-color: #f9f9f9; } tr:nth-child(even) { background-color:#fff; } th { background-color: #1f77b4; color: #FFFFF0; font-weight: bold; }

Benefits Of GST
Trade
Reduction in multiplicity of taxes
Mitigation of cascading/double taxation
due to elimination of cascading
Development of common national market
Simpler tax regime

Source: GST Council Here are five things you must know ahead of the big change in indirect taxation across the country 1) What exactly is GST? GST is paid when a consumer buys something (even a company buying inputs). The tax is levied on every transaction in the supply of goods and services, barring certain exempted items such as petroleum products. The tax levied at one stage can be set off or deducted from the tax to be paid at the next stage. India has a dual GST–Central GST (CGST) and State GST (SGST). There is also an integrated GST (IGST) on the inter-state supply of goods and services, which can be set off against CGST and SGST that is to be paid. From July 1, 2017, India will move to a one-tax, one-nation regime. All goods and services will be taxed under one of four slabs–5%, 12%, 18% and 28%–wherever they are purchased.

STORY CONTINUES BELOW THIS AD

#GST #OneNationOneTax pic.twitter.com/KNdv0C6wew

— Arun Jaitley (@arunjaitley) June 28, 2017
More from Business
Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

2) Who decides GST rates? [caption id=“attachment_3760351” align=“alignleft” width=“380”]Representational image. Reuters Representational image. Reuters[/caption] The GST Council including the union finance minister (who will be the chairman of the council) and the state finance ministers will finalise the GST rates. 3) Where do you register for GST? The Goods and Services Tax Network (GSTN), a non-government, private company with the central government holding 24.5 percent stake, will provide IT infrastructure and support services to the governments, taxpayers and other service providers for the implementation of GST. 4) Relaxation in rules for two months The GST council has relaxed the tax filing norms for two months–July & August, 2017–for those still maintaining manual records or in the process of GST transition. The council has finalised a simplified form instead of invoice-wise returns, according to this release by the Central Board of Excise & Customs, the government department overseeing the implementation of GST. There would be no late fees or penalties for late returns, and regular returns would need to be filed from September.

Relaxation in return filing procedure by @GST_Council for initial transition period #GST #GSTSimplified #OneNationOneTaxOneMarket pic.twitter.com/MWP4NnM1e6

— CBIC (@cbic_india) June 29, 2017

table,th,td{ font-size: 12px; font-family: arial; border-collapse: collapse; border: 1px solid black; } table{ width:580px; margin-left:10px; margin-right:10px; } th,td{ text-align:center; padding:2px; } th.center{ text-align:center; } tr:nth-child(odd) { background-color: #f9f9f9; } tr:nth-child(even) { background-color:#fff; } th { background-color: #1f77b4; color: #FFFFF0; font-weight: bold; }

Accounts & Records In GST Regime
1) Compliance verification in GST will be done
through examination of accounts and records maintained, only if required
2) One tax, one type of record: No need to
maintain separate records for different taxes like value added tax, Excise
& Service Tax
3) The required records are:
a) All records of goods and services that a
person supplies or receives in the course of his business;
b) All records of goods imported;
c) Any other supporting documents such as
contracts and price quotation to show liability to GST
4) Taxable persons with turnover of less than
Rs 2 crore are not required to get their accounts audited or submit
reconciliation statement with annual returns

Source: GST@GoI

5) Which items are covered under GST and which are not subject to GST? Daily use consumer items such as cereals, pulses, dairy produce, fresh meat, fish, fresh vegetables and fruits are all exempt from GST, according to government data.

INDIASPEND-LOGO2

Education and skill development services have also been granted exemption, official data show. Alcoholic drinks, electricity and five petroleum products (crude oil, petrol, diesel, natural gas and aviation turbine fuel) are out of the purview of GST. These will continue to attract VAT and central excise. The petroleum products have been excluded only temporarily.

Tags
India Business Finance minister Jammu and Kashmir didyouknow Arun Jaitley Goods and Services Tax GST Taxation
  • Home
  • Business
  • Narendra Modi govt set to roll out GST: Five things you should know about 'one tax for one nation'
End of Article
Latest News
Find us on YouTube
Subscribe
  • Home
  • Business
  • Narendra Modi govt set to roll out GST: Five things you should know about 'one tax for one nation'
End of Article

Impact Shorts

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Chennai leads India in challan checks, with drivers checking their e-challans over 5 times a month on average. Helmet non-compliance is the most broken rule, accounting for 34.8% of all traffic offences in Chennai. Regular digital challan checks help drivers avoid hefty fines, promote safe driving, and improve insurance premiums.

More Impact Shorts

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Enjoying the news?

Get the latest stories delivered straight to your inbox.

Subscribe
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV