Finance Ministry comes out with FAQs on GST

New Delhi, Apr 25 (KNN) The Ministry of Finance has come out with FAQs on Goods & Services Tax. GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level.

By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. 

The Government is aiming to implement GST from July 1, 2017. Let’s have a look at FAQs on GST:

http://pibphoto.nic.in/documents/rlink/2017/apr/p201742502.pdf (PIB Inputs)