What is GST Act 2017, gst pdf, gst full details, gst specifications, gst pdf, gst registration form pdf rules, gst forms, gst faqs. 2017, gst pdf, gst full details, gst specifications, gst pdf, gst rules, gst forms, gst faqs. GST Launch: Sand Art by Sudarshan Patnaik on historic GST launch. The Central government passed four sets of GST Acts in the Budget session this year.
The Acts were approved by the Parliament after they were introduced as the part of the Money Bill. Following the passage of the GST Acts, the GST Council decided the rate slabs for the Goods and Services to be taxed under the GST regime. The threshold limit for exemption from levy of GST is Rs 20 lakh for the States except for the Special Category, where it is Rs 10 Lakh. GST is considered to be the biggest tax reform in India since independence. GST will make India a common market with common tax rates and procedures and remove economic barriers. GST is expected to improve ease of doing business in India. In the GST regime, exports will be zero-rated in entirety.
This is unlike the present system where refund of some of the taxes does not take place due to fragmented nature of indirect taxes between the Centre and the States. The GST needs to filed via a common portal to be run by GSTN, promoted by the central and state governments. Copy paste the link in a separate window. Under GST, a normal taxpayer would have to furnish three returns monthly and one annual return. There are also separate returns for a taxpayer registered under the composition scheme, a taxpayer registered as an Input Service Distributor a person liable to deduct or collect the tax.