https://www.taxtmi.com/news?id=18301 The Goods and Services Tax creates a unified national indirect tax regime replacing multiple central and state levies, with a federal council setting rates and rules and an electronic compliance framework. Operative features include differentiated rate bands, specified exemptions, and an input tax credit mechanism allowing registered persons to offset tax on inputs; monthly return filing and IT system upgrades are required, with administrative leniency during initial implementation to address transition difficulties. en-us Sat, 01 Jul 2017 14:07:17 +0530 Sat, 01 Jul 2017 14:07:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18301 The Goods and Services Tax creates a unified national indirect tax regime replacing multiple central and state levies, with a federal council setting rates and rules and an electronic compliance framework. Operative features include differentiated rate bands, specified exemptions, and an input tax credit mechanism allowing registered persons to offset tax on inputs; monthly return filing and IT system upgrades are required, with administrative leniency during initial implementation to address transition difficulties. News - Sat, 01 Jul 2017 14:07:17 +0530 https://www.taxtmi.com/news?id=18301