GST bill is called the Central Goods Goods and Service Tax bill. In other words GST bill is an CGST Act or GST Law passed in Lok Sabha and Rajya Sabha by majority of members in year 2016. GST Bill in India is passed by Rajya Sabha on 03.08.2016 & Lok Sabha on 08.08.2016.
This act is set of all rules and regulations for implementation of Goods and service Tax system in India. You can read this on our All CGST sections page. GST Law is very important to exercise GST Tax system. Rules in this bill define the procedure, rights, powers, formats, process etc. for smooth flow of GST system.
Major Features of the GST Bill
- All transactions and processes only through electronic mode – Non – intrusive administration
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PAN Based Registration
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Registration only if turnover more than Rs . 20 lac
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Option of Voluntary Registration
- Deemed Registration in three working days
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Input Tax Credit available on taxes paid on all procurements (except few specified items)
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Credit available to recipient only if invoice matches – Helps fight huge evasion of taxes
- Set of auto – populated Monthly returns and Annual Return
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Composition taxpayers to file Quarterly returns
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Automatic generation of returns
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GST Practitioners for assisting filing of returns
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GSTN and GST Suvidha Providers (GSPs) to provide technology based assistance
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Tax can be deposite-d by internet banking, NEFT / RTGS, Debit/ credit card and over the counter
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Refund to be grant.ed within 60 days
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Interest payable if refund not sanction.ed in time
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Refund to be directly credit.ed to bank account
Major Benefits of GST Bill
- Reduction in Cascading of Taxes
- Overall Reduction in Prices
- Benefits to Small Taxpayers
- Self – Regulating Tax System
- Reduction in Multiplicity of Taxes
- Abolition of CST