Tax structure for indirect taxes in India has remained complex with a compound of state and center level taxes and agreement rules. The complexity reduced down business due to requirements of multiple forms in several formats required for movement of goods within the country. Checking compliance was also naturally involved hence leaving room for tax avoidance. Long-term reforms had proposed a single tax known as Goods and Services Tax (GST) applied consistently based on the value. GST will be a single Indirect tax for the whole nation, which will make India one unified common market. Each stage would then be taxed only on added value.
Now the GST bill is passed it will be implemented into the systems on 1st April 2017.It shall come into force on such date as the Central or a State Government may, by the announcement of the Official everything in the publication, select in this service. While each State GST Act would extend to the applicable State, the Central GST Act extends to the whole of India.
Being a major mover of goods retail industry will have a major impact through GST implementation and we feel that the overall impact will be positive as it will decrease current man-made limitations on business residence and movement of inventory. The manufacturer will be able to reach more consumers through distributors and stores across India with ease of calculating and reporting of taxes.
We at Asimot are fine-tuning our Retail POS systems with a concept to simplify and make the process of choosing of GST as simple as we can. Through these blog posts, you will be able to get an inside view of how we are working this subject.
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