Latest Updates on GST Bill in India
GST stands for Goods and services Tax Bill in India. This is 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, Service Tax etc will be end.
Companies and Businessman need not to charge many types of Taxes and only one GST will help. GST council has been founded after the approval from majority of States. No Doubt that this is biggest tax reform after many decades.
Most Important to Read : Advantages and Disadvantages of GST Bill In India
Following are the major Latest Updates and News on GST Bill in India
GST Bill had been passed from Both Central Assemblies in August 2016. All political Parties has supported this Bill.
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 was cleared. With this step Govt is in full force to apply it from 1st April 2017.
Central Government had founded the GST council in the month of September 2016.
The Latest Updates on GST Bill is First Meeting of GST council is held in New Delhi for two days.
In this meeting the Major conclusion is the Limit for covered under GST. For all states other than the North-east the Limit is Rs. 20 Lakh Per Annum. For Seven States this Limit is 10 Lakh.
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 sates.
As the First Meeting of GST council is come to an end with some fruitful decisions. Lets see the Second meeting on GST will be held on 30th September 2016 for finalising drafts and Exemption.
"Time will decide that what will be the merits and Demerits of GST bill in India"