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Government Confirms GST Rollout on June 30th Midnight, Dismissing Delay Speculations

India's Goods and Services Tax (GST) was confirmed for implementation at midnight on June 30, 2017, despite previous speculation about delays. The Finance Minister emphasized that businesses had ample preparation time for this new tax system. This significant tax reform aimed to integrate various state and central indirect taxes into a unified framework.

📖 1 min read read🏷️ GST Implementation

As of June 21, 2017, India was set to adopt a new tax system, the Goods and Services Tax (GST), starting at midnight on June 30th. This transition was planned with an event highlighting the states' collective effort in formulating these significant tax reforms. The Finance Minister noted that due to ample prior notice regarding the implementation date, businesses had sufficient time to prepare for the new tax framework. This information was initially published by the Economic Times.

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Frequently Asked Questions

What is GST in India?
GST, or Goods and Services Tax, is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It replaced multiple indirect taxes previously existing in India, aiming to simplify the tax structure.
When was GST implemented in India?
The Goods and Services Tax (GST) was officially launched in India on July 1, 2017, marking a significant reform in the country's indirect taxation system.
What are the main components of GST?
The main components of GST in India are Central GST (CGST) levied by the Central Government, State GST (SGST) levied by State Governments, and Integrated GST (IGST) levied by the Central Government on inter-state transactions.
Who is required to register under GST?
Businesses with a turnover exceeding a specified threshold (which varies by state and type of goods/services) are generally required to register under GST. Additionally, certain businesses, such as those involved in inter-state supply of goods or e-commerce operators, must register regardless of turnover.
What is an Input Tax Credit (ITC) under GST?
Input Tax Credit (ITC) allows registered businesses to claim credit for the GST paid on purchases of goods and services used for business purposes. This credit can then be set off against their output GST liability, avoiding the cascading effect of taxes.

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