GST will subsume all central and satate levies into a single nationwide tax.
The GST will replace the octroi system, which is the biggest source of revenue for the BMC.
Independent India’s largest economic reform till date, the goods and services tax is here and after countless modifications and hurdles, it comes into effect on July 1st. The question in everyone’s mind is how exactly does it work? Here is the answer!
It may be noted that to bring in GST Act, the government had to first amend Constitution in the Parliament as the issue pertains to taxation in country and it concerns with the Centre and the states relationships.
The GST will be levied across the country under a five tax slab regime of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. All the states have passed their respective GST bills to switch to the new indirect tax that promises a hassle free transport of goods.
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