GST- Goods and Service Tax
GST
GST rolled out on 1 July 2017 is one of the biggest tax reforms post- independence, aimed at simplifying the complicated indirect tax regime. It has common market, streamlined tax administration , improved tax compliance and will boost investment and growth and all this together would result in higher revenue collection.
GST rolled out on 1 July 2017 is one of the biggest tax reforms post- independence, aimed at simplifying the complicated indirect tax regime. It has common market, streamlined tax administration , improved tax compliance and will boost investment and growth and all this together would result in higher revenue collection.
HOW GST Would Impact Direct Tax?
Like all other dimensions of economic activities, GST too is going to impact direct tax(Income tax,Corporate tax) administration.When a seller sells a pen of Rs. 100, it pays GST, an indirect tac( collected from the customer) over Rs. 100 and the seller also pays income tax, a direct tax on the profit it has earned during its transaction.
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