At 1:27 p.m. on July 1, Hindustan
The new tax system helps the central and state governments widen their indirect tax base further and heralds the country into a single marketplace for goods and services.
At Bengaluru, headquarters of Hindustan
The new indirect tax system is based on a national IT infrastructure backbone called GST Network (GSTN). Companies will share tax details with the government on the GSTN every month, which will be more efficient than the earlier quarterly method. After their efforts to be compliant with the government’s systems,
A little earlier, a formal ceremony at the HCCB offices witnessed the chanting of holy mantras for 10 to 15 minutes as the priest blessed the company and its operations. Across several communities in India, seeking divine blessing for a profitable business venture is a regular practice. The ceremony and the formal handing over of the invoice were witnessed by HCCB employees from across the country through video links.
Implementing the changes has not been an easy task. Even a day or two ahead of the rollout, there were some changes announced by the government. These changes had to be incorporated in the system, making the job of completing the task in time even more challenging.
Since the Indian and global team at
There were nearly 18 taxes of different kinds levied on goods and services across India before the introduction of GST. While the 35 states and union territories levied some of them like sales tax and octroi, others like service tax were levied by the central government. All of that has now been merged into one, making India into one big market, being referred to as ‘one nation, one tax.’