GST is going to be implementing in India

GST known as Goods and Service is Tax is going to be implementing by the Govt. of India from 1^st April 2016. It is the only indirect tax that is directly affects almost all the sectors and sections in Indian economy. GST will be levied both on goods and services. It mainly aims at creating a single and a unified market that will benefit both corporate and the individuals. First country which implemented GST is France followed by implementing the same in other countries also. GST is another type of VAT system which cuts off all the input tax credit and summing up many indirect taxes at state and national level.

The GST system is not yet implemented till now and the structure and the rate of the same is under discussion. Economists say that it will be implemented in the next financial year that is 2016-2017. The recent study of National Council of Applied Economic Research estimated that the roll out of the tax would boost the GDP growth by anywhere between 0.9-1.7 percent. By cutting down the multiple tax heads will leads to the lower tax burden over a period of time would translate into lower prices of goods and services.

For more details please visit
http://www.onlineintegra.com/Newsroom.aspx

http://integrasoftware.in/NewsEvents.aspx