GST Bill in India:
Latest Updates on GST Bill we will discuss it later, first of all, we have to know about what is GST? So, GST stands for Goods and services Tax Bill in India. This is a much-awaited type of Tax, therefore, we all look for latest updates on GST Bill in India. GST will cover all other Indirect Taxes. All other Indirect Taxes like Excise duty, VAT, Central VAT, Entertainment Tax, and Service Tax etc will end.
Companies and Businessman need not charge many types of Taxes and only one GST will help. GST council has found after the approval from a majority of States. No Doubt in that, this is the biggest tax reform after many decades.
Most Important to Read: Advantages and Disadvantages of GST Bill In India
Following are the major Latest Updates on GST Bill in India:
GST Bill had passed from Both Central Assemblies in August 2016. All political Parties had supported this Bill.
The majority of States including the most BJP ruled States had approved the GST bill. Bihar and New Delhi was the most surprising States where the BJP opposition Parties.
President of India had approved the GST Bill and the way to GST council had cleared. With this step, Government is in full force to apply it from 1st April 2017.
Central Government had founded the GST council in the month of September 2016.
In this meeting, the Major conclusion is the Limit for cover under GST. For all states other than the Northeast, the Limit is Rs. 20Lakh Per Annum. For the Seven States, this Limit is 10Lakh.
The Turnover limit is a bit relaxation for the small traders in India. This latest News GST council is good for them.
This meeting is represented By our Finance Minister Shri Arun Jaitley says that the base year for losses for states will be 2015-16.
Meeting between the State and central representative voluntary decides that the power will remain with the states. As the First Meeting of GST, council ends with some fruitful decisions. Let us see the Second meeting on GST will be held on 30th September 2016, for finalizing drafts and Exemption.
After the surgical, strike by the Indian Army the government onto a High Note. Second GST council Meeting held on Friday in New Delhi and this meeting has not given any fruitful decisions with the rates of GST. Now rates of GST will be decided in later meetings of GST council.
“Time will decide that what will be the merits and Demerits of GST bill in India”