Tax Experts Hope Goods and Services Tax Will Pep up GDP growth by 2%

Tax experts on Sunday said there will be a uniform andone-nation-one-tax in the form of Goods and Services Tax(GST) proposed from April 1. The experts guided CAs on GST during a regional tax conference held here jointly by the Nashik and Jalgaon branches of TheInstitute of Chartered Accountants of India (ICAI).
Bimal Jain, chairman, Indirect Tax Committee of PHD Chamber of Commerce, said, “The present indirect taxes in India have driven business to structure and model their supply chain and systems owning to multiplicity of taxes and costs involved therein. GST will be a big game changing reform for Indian economy by developing a common Indian market and reducing the cascading effect of taxes on the cost of goods and services.” tax consultancy firms in Delhi
He added, “GST has broad-based implications, affecting the entire organisation regardless of the size and nature of the business. There will be uniform tax structure across the country based on the one-tax-one-nation formula. Currently, the total taxes on supply of goods in the country are around 27%. But the standard tax rate of GST will be 18%.” Indirect taxation in India

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Huge challenges for CAs after GST implementation

Chartered accountants in India will have huge opportunities and challenges when the goods and services Tax(GST) is implemented.

Addressing the ICAI international Conference Jnana Yagna here, the urban development minister said chartered accountants should play a vital role addressing issues such as curbing black money.

Introduction of  GST (goods and services tax), which is round the corner (Goods and services tax), which is round the corner is one of the pioneering and game changing transformative initiatives taking shape In our country GST introduction is a huge challenge and opportunity for the chartered accountants and you need to get ready for enabling this change in a smooth and seamless manner. Venkaiah added. 

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