The concept of One Nation and One TAX is certainly one of the biggest tax reform, we have seen in recent decades, perhaps after the independence. Our Prime Minister, Mr. Narendra Modi, had announced the demonetization of old Rs. 500 and Rs. 100 bank note denominations on November 8th (last week) and before that, in our previous session, a common consensus on GST was unanimously passed in the Indian parliament. Now people can enroll their business on the official GST government website- https://www.gst.gov.in/ starting now to avoid last minute rush.
According to the PMO official website, Modi said that in the last session, a major decision on #GST was taken and the parliament did made a major contribution towards realization of the dream of "One nation, One tax.". He added by saying that when all parties work together in the larger nation interest, positive outcomes and results emerge. The press note adds, "The consultation process has been going on ahead of this session as well. Government is ready for open debate on every issue and we hope that it will create a conducive atmosphere for significant and fruitful decisions."
The entire draft of the GST law is available here at the Finance Ministry website. According to Ernst and Young, the GST will become a potential game changer.The site says "GST will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system.
GST will have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems."
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| As per WikipediA |
The tax system is very complex in India and pretty archaic and in need of a complete overhaul. According to the Wikipedia
