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Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4]
The portal has transformed public procurement in India [1] by driving its three pillars, namely, inclusion, usability and transparency and efficiency and cost savings. [7] According to an independent assessment made by the World Bank, average savings for buyers in Government e Marketplace portal is about 9.75% on the median price. [8]
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
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India.gov.in links to Union, State, District and local level official websites and is the most comprehensive portal about the government of India with links to 6,700 government websites. [3] The website also has a feature that customizes the content displayed, based on a user’s individual profile and preferences.
This page was last edited on 18 April 2021, at 11:35 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...