BHOPAL: The implementation of Goods & Services Tax (GST) will bring about many changes in the Indian economy and make things easier for manufacturers, traders and sellers of goods and services.
This single tax system will be uniform and more transparent than the earlier system. GST is a value added tax that will replace all the indirect taxes levied on goods and services by the government, both central and states, once it is implemented.
For a turnover above Rs 20 lakh per annum GST registration would be mandatory.
This was informed at a one-day workshop organised on Thursday by PHD Chamber of Commerce and Industry on GST at a local hotel. The workshop was addressed by chief commissioner, customs, central excise and service tax Bhopal, Hemant A Bhat, assistant commissioner, department of commercial tax Madhya Pradesh, Indore, Preeti Johari, assistant commissioner Anurag Jain, and tax consultant RS Goyal.
Regional director, PHD Chamber of Commerce, RG Dwivedi in his welcome address underlined the importance of GST and termed it a ground-breaking reform in the Indian economy.