Goods and Service Tax (GST)
ONE NATION – ONE TAX – ONE MARKET
After Independence, the central government initiated the biggest reforms at the whole country level, The Goods and Service Tax (GST) will collect a single tax from Nationals on any product and it scheduled to launch on July 1, 2017. The GST has already approved and completed underground work and ready to impact from July 2017.
GST Benefits:
GST charged/collected an indirect tax of whole nation by preventing all other unwanted taxes.
- For Business Industry – Easy Compliance
- Preventing cascading
- Clear procedure in tax rates.
- Gain more profit from Manufacturers and Exports
- Control of every single rupee.
The Central and state governments have full control leakage of funds and better higher revenue efficiency.
- Control of Funds leakage
- Efficient handling every rupee count
- Clear User Profile data
- Easy to track tax payors information (Financial and Personal)
- Monitoring Taxpayers payments
- Better communication with state, taxpayer, and Central government via electronic transfers.
