GST-A Revolution in India's Tax System: One Nation One Tax One Market (GST-Post Demonetisation Book 5) Kindle Edition-by Ajit Kumar Roy 

      ABOUT THE BOOK

After years of inputs and months of speculation, the Goods and Services Tax or GST rollout will finally take place today during a midnight session in Parliament's Central Hall. President Pranab Mukherjee remarked that Introduction of GST is a momentous event for the nation. PM Modi said that the GST is a 'good and simple tax' which will end harassment of traders and small businesses while integrating India into one market with one tax rate. Scope of Black Money Generation Will be Difficult Once GST is Implemented said FM Arun Jaitley. Union Minister of State for Labour and Employment said the implementation of Goods and Services Tax (GST) will create one lakh jobs in the next three months.

India launches its biggest tax reform since independence in 1947, businesses and citizens across the country are steeling themselves for economic chaos. Protests and industrial strikes broke out across the country over tax rates and compliance burdens. In the states of Tamil Nadu, Gujarat and Rajasthan, tens of thousands of textile workers went on strike, while the association that represents sellers of seeds, pesticides and fertilizers protested in the agricultural state of Punjab. The move should eventually expand India’s narrow tax base and increase government revenues. It has been heralded by economists and will count as the most important structural economic reform of Modi’s three-year-old administration.

So, any trader after GST will not be able to sell products or goods without bills. Once a bill exists in the system, scope for black money reduces automatically. Creating self-policing environment.” The Goods and Services Tax (GST) regime will weed out black money and usher in an efficient taxation system. The Narendra Modi government had absolute clarity from day one that it would move against the shadow economy and black money. With GST Roll-out “The new India will create one tax, one nation and one market”. GST is an important achievement for the whole country as several parties comes on board to support the pan-India tax regime. The CBEC has also notified www.gst.gov.in as the common 'Goods and Services Tax Electronic Portal'. As many as 65 lakhs out of the 80 lakh taxpayers have already migrated from various platforms to GST. These businesses will be assigned a unique Goods and Services Tax Identification Number.

Many food items have been exempted from any of the tax slabs. Fresh meat, fish, chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, all kinds of salt, jaggery and hulled cereal grains have been kept out of the taxation system. Indi, sindoor, kajal, palmyra, human hair and bangles also do not attract any tax under GST. Drawing or colouring books alongside stamps, judicial papers, printed books, newspapers also fall under this category. Other items in the exempted list include jute and handloom, Bones and horn cores, hoof meal, horn meal, bone grist, bone meal, etc. After the steps taken to reduce black money and streamline election finance, the natural follow-up is to clean one of the biggest sources of black money — land and real estate. And the natural way to do that is to bring the supply of land and real estate into the GST.A lot of misconception and misinformation prevails regarding land and real estate. All answers will be available in the book entitled “GST-A Revolution in India’s Taxation System-One Nation One Tax and one Market”

Chapter-1: Basic Concept about GST

Chapter-2: GST Bill Passed in Rajya Sabha

Chapter-3: GST to Stop Black Money Generation

Chapter-4: Impact of GST on Indian Economy

Chapter-5: Tax Regime under GST

Chapter-6: GST Rollout

A through reading of the book is expected to clarify many doubts, misconceptions, and misinformation about GST and its positive role on Indian Economy.

https://www.amazon.com/dp/B073YM5H28