Tag Archives: GST Network

“The Ghost Of GST will be Set Free On July 1. Are You Ready?”

Editor-NCMGST – Goods and Services Tax – which will be a single destination based consumption tax – is all set to replace existing taxes, including CENVAT, Octroi, Sales Tax, and Excise Duty, etc. from July 1, 2017. According to the Empowered Committee of State Finance Ministers, constituted by the Government of India: “GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point up to the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.” Continue reading “The Ghost Of GST will be Set Free On July 1. Are You Ready?”