Goods and Services Tax - GST
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Goods and Services Tax - GST
The goods and services tax or simply the GST has been introduced in India to reform the current tax structure which is complex and complicated. The main purpose of GST is to reduce the multiplicity of taxes. The cascading effects of double taxation due to unnecessary laws can be dealt with GST. One of the biggest achievements of GST will be the expansion of exports increasing the revenue of the nation. The simple tax regime will bring forth simple price structures decreasing the prices of goods and services. The GST is poised to bring transparency in taxation system and also increasing the employment opportunities throughout India.
One of the main key features of the GST is the compensation plan for the loss of revenue to states for 5 years. All the goods and services will come under this plan except for alcohol for human consumption. The GST will become the destination based consumption taxation which will apply to all goods and services against its manufacture, sale and or services.
The GST will impact the GDP growth rate of the country by increasing it many folds over the coming future. GST will also increase the growth of interstate as well as the inter-country growth of trade amongst the businesses.
GST Registration
GST Payment
GST Refund
GST Procedure
GST Compliances
GST New Registration
GST Tax Services
More GST Services
GST Registration
Are you Really Ready for GST?
The INDIAN Government has already announced in the Budget 2014 of the introduction of Goods & Services Tax (GST) in INDIA which will be effective on April 1, 2017. An important question that you need to ask yourself now, is your business GST ready?
Here are 4 challenges your business will face if you are not GST ready:
Heavy penalties and fines for non-compliance
Regardless of the size of your company, the law imposes the same compliance obligations on GST once the registration threshold of RM500,000 of annual turnover is reached.
Inadequate resources
Without adequate knowledge on GST Malaysia, your existing team may not be able to efficiently handle the initial work such as upgrading the accounting and recording system as well as... reconciliations and filings of GST returns.
Your cash flow would be affected
Businesses needs to be aware on the potential cash flow implications of GST and may need to restructure their cash flow so as to prevent having cash flow problem once GST is implemented prevent having...
Procurement
Experiences in other countries such as Australia, Singapore and Thailand have shown that customers generally go on a shopping spree before the introduction of the tax shortly before the introduction of the tax before the introduction of the tax..