Lok Sabha passed GST Bill

Dear Readers,

Lok Sabha has passed GST Bill. Highlights of the bill are:

 1. Single indirect taxation system for goods and services across the country. 
2.  Having only two taxes: 
        a. State Level GST (SGST) 
        b. Central Level GST (CGST) 
3. The small taxpayer whose gross annual turnover is less than 1.5 Crore is exempted           from GST. 
4. PAN based ID No. will be allowed to each taxpayer to have integration of GST            with Direct Tax. 

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