Initiative Details
Project Name | One Nation, One Market, One Tax |
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Department/State/District | Department of Income Tax |
Sector | Boosting economy |
Year | 2018 |
Project Details |
Summary
The dawn of July 1, 2017 brought with it the rays of economic freedom in the country with the roll out of the Goods and Services Tax (GST). This event at on will go down as one of the biggest milestones in our history when the political class united in favour of the economic integration of the country as a whole. The launch of GST liberates us from the strangles of black economy and corruption. Various taxes have been subsumed in . GST, which will be levied on supply of goods or services, or both, at each stage of the supply chain, starting from manufacture or import till the last retail level. Uniform laws, procedures, practices and tax rates throughout the country will lead to an increased ease of doing business. The Department of Revenue, Ministry of Finance, with itsteam of officers, played an extremely critical role in the roll out of GST. Also, the Central Board of Indirect Taxes and Customs (CBIC) played a very pro-active role in the drafting of the GST laws and procedures, particularly the CGST and IGST law, which is the exclusive domain of the Centre. The existing IT infrastructure of CBIC has been suitably scaled up to handle the large volumes of data. The name of the IT project of CBIC under GST is SAKSHAM, which will lead to greater transparency and accountability of the tax administrations and improved compliance levels, and the total project is valued at £2,256 crore... Read More