Scratching your head over GST Bill India? All you need to know about the ‘revolutionary’ bill
Goods and Service Tax will finally become a reality in India from 1st of July after waiting for a long period of time i.e. more than a decade. GST aims to remove tax barriers between states by creating a single market. Implementing GST in India will replace the excess of taxes including central, state, interstate, and local taxes with a single, nationwide, value-added tax on goods and services.
Here is Everything you need to know about the GST (Good and Services Tax) Act
The Goods & Services Tax (GST) is a compilation of all the existing indirect taxes levied on the manufacture, consumption and sale of goods as well as services. It will replace all indirect taxes levied on goods and services by the Indian Central and State governments. For clear understanding, there are three types of GST in India viz., Central Goods and Service Tax, State Goods and Service Tax and Integrated Goods and Service Tax.
The GST Bill India to be levied by the Centre on intra-State supply of goods and/or services is Central-GST (CGST) and that by the States is State-GST (SGST). On inter-state supply of goods and services, Integrated-GST (IGST) will be collected by Centre. IGST will also be applied on the imports.
With the Government of India initiating the citizens to migrate online; from buying and selling to paying and registering, it is particularly important to understand how e-commerce and online sellers will be affected. The recent news of Government transferring all procurement to an online portal has encouraged online marketplaces on a pedestal, thus making it a major channel of trade and forming specific GST laws for them.
Less burden of GST policies on buyers and sellers with Industrybuying.com
If you are an online buyer or a seller of industrial equipment, then you would be glad to know that your favorite online shopping portal, Industrybuying is registered in all the states with GST to make online shopping an awesome experience for you. We are fully GST-compliant, GSTN network linked, with auto reconciliation tools in place and compatible with all ERPs. Buyers on Industrybuying.com will be able to achieve more with less effort. They will get benefits like 5-10% overall savings, 100% tax credit on transactions, and indirect cost savings of up to 5%.
As far as the sellers are concerned, they will enjoy simplified selling as they get 2-3 times to increase in business for high-quality vendors, indirect distribution channel savings and indirect cost savings on Industrybuying.com with GST compliant platform, fewer returns and reduced state registrations. Therefore, the merchants selling online with Industrybuying.com would find more comfort, familiarity, uniformity, and simplicity in the system, once the GST Act has been introduced.
Final Words About GST Bill
GST Bills offer certain advantages to the buyers as well as sellers, of which as easy compliance, uniformity of tax rates and structures, removal of cascading, improved competitiveness, and gain to manufacturers and exporters are a few to name. You can now access the GST Calculator and understand how your business will be impacted. GST coupled with Industrybuying would result in simplified procurement for Buyers & Sellers.