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PTI Parag Mehta 2021-06-30T23:47:21+05:30 GST Turns Four: Time To Include Petroleum And Alcohol, Make It Simpler outlookindia.com 2021-07-01T09:00:18+05:30 It was exactly four years ago on July 1 in 2017, the Goods and Services Tax (GST) was introduced in India by subsuming various indirect taxes into a single levy with much fanfare. The slogan of ‘One Nation One Tax’ was floated and many other promises were made by the central government to the participating states, in what is considered as one of the major tax reforms implemented in the country’s history. Now on its 4 th anniversary what is the situation on the GST front and what needs to be done going ahead? ....
gst: A 'Good & Simple Tax'? 4 years of GST and the road ahead indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
UNION BUDGET The Union Budget is a document which provides an estimation of the revenue and expenses of a country during the financial year. It draws up a financial plan for the country and decides and allocates a specific sum for various government schemes and departments. The Union budget 2021-22 will be announced on February 01 by India’s first full-time woman finance minister, Nirmala Sitharaman ANNUAL FINANCIAL STATEMENT The Annual Financial Statement is a document presented by the government every year in the Parliament showing the estimated receipts and expenditures for the upcoming financial year in relation with the estimates from the previous financial years. Under article 112 of the Constitution, the government has to present an annual financial statement for every fiscal year. ....
GST in India came into effect from 1 July 2017 More than a decade ago, India inched towards reforming its indirect taxation system by looking to implement a goods and services tax (GST), a tool and system to eliminate the cascading effects of the existing duties and taxes, and to enable a continuous chain of set-offs such that all burdens of cascading effects are reduced (First Discussion Paper, November 2009). This principle was engrafted in the Statement of Objects and Reasons appended to the Constitution (One Hundred and First) Amendment Bill, 2016, with the words “simplify and harmonise the indirect tax regime in the country” and “due to seamless transfer of input tax credit….” ....