The Goods and Services Tax or GST has become operation from 1st of July, and it is believed to revolutionize the way of doing business and and paying taxes. But what is GST and how will it reform the current tax structure? And most importantly, why does the country need such a huge overhaul in its taxation policies? here is answer of some question concerning the new tax law – AMN
Government has launched an App – GST Rates Finder to verify the accurate tax rate on commodity and services under the Goods and Services Tax (GST) regime.
Finance Minister Arun Jaitley yesterday launched the app in New Delhi which will empower not only the taxpayers, but every citizen of the nation, to ascertain the correct GST rate on goods and services.
Through this app, user can determine GST rate by entering the name of the commodity or service. The Ministry said, the search result will list all the Goods and Services containing the name which was typed in the search box. A taxpayer can search for applicable CGST, SGST, UTGST rate and Compensation Cess on a supply.
Finance Ministry said, this mobile app can be downloaded on any smart phone and can work in offline mode, once downloaded.
The application has been launched on Android platform, and will soon be available on iOS platform. The Ministry said, Central Board of Excise and Customs (CBEC) has taken these initiatives for ease of doing business under the GST regime. CBEC has also provided a GST rate finder on its portal – cbec-gst.gov.in to help taxpayers know applicable GST rate on their supplies.