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GST Executive Summary - ZipBooks Toggle navigation Sign In Home About Us GST Overview Executive Summary Current Taxation System & GST Model GST Impact and Readiness with ERP Highlights Features Accounts Inventory Purchase Sales CRM Pricing Partnership Overview Locate Our Partners Career Contact Executive Summary India is geared up to introduce a dual GST on a worldwide taxing event of supply by inside as well as state government. Keeping in mind that GST will be in effect from 1st of July, 2017. The Indian companies have begun pushing their IT vendors and tax advisors to upgrade their systems to be GST compliant. To meet this goal, both finance software companies as well as ERP vendors have made desired changes to unbend the prescribed methodology of gingerly GST. They are aligning their processes to unbend GST in order to have a smooth transition from pre GST to post GST phase without causing inconvenience to their customers. Introduction to GST With the outstart of Goods and Service tax (GST) in India proposed from July 1st 2017, the biggest and most impactful transpiration in Indian indirect taxation is unseat to happen. The GST will replace the existing indirect taxes on consumption and will be unromantic on both goods and services. For goods, it will be levied destination based, whereas for services, it will be levied consumption based. Genesis of GST The idea of moving towards the GST was first mooted in the Budget for 2006-07. The Empowered Committee of State Finance Ministers (EC) which had formulated the diamond of State VAT was requested to come up with a roadmap and structure for the GST. Joint Working Groups of officials having representation of the States as well as the Centre were set up to examine various aspects of the GST and yank up reports specifically on exemptions and thresholds, taxation of services and taxation of inter-State supplies. Based on discussions within and between it and theInsideGovernment, the Empowered Committee released its First Discussion Paper on the GST in November, 2009. This spells out the features of the proposed GST and has worked the understructure for discussion between the Centre and the States so far. GST is one tax that is levied on manufacturing, selling and consumption of goods and services, distributed among theInsideGovernment and the State Governments. Credits of input taxes paid at each stage will be misogynist in the subsequent stage of value addition, which makes GST substantially a tax only on the value wing at each stage. The final consumer will thus withstand only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.Stuffa destination based consumption tax; GST is usually levied on import of goods and services with export transactions stuff zero rated under the GST scheme. Accounts Inventory Purchase Sales CRM Try it Free for 30 Days Buy Now Quick Contact info@zipbooks.in sales@zipbooks.in Phone: +91 79 40037105 Like and Connect with Us Privacy Policy Terms of Service Cloud Based Accounting Software Web Based Accounting Software 2015 ZipBooks All Rights Reserved. All other product names / logos and / or visitor names used herein may be protected as trademarks of their respective owners.