With just one month left for the roll out of the Goods and Services Tax the businesses in Gujarat, Karnataka and Chandigarh are the most prepared for the new indirect tax system. According to the sources, 92% of the taxpayers have enrolled for GST.
Around 5.50 lakh taxpayers in the Karnataka have enrolled for the Goods and Services Tax. Karnataka is followed by the Gujarat where 5 lakh taxpayers have enrolled for the GST. After which Chandigarh has 16,000 tax payers enrolled for the new tax system. In Andhra Pradesh 88.6% of more than 2.29 lakh taxpayers, Maharashtra 87.80% of more than 8 lakh taxpayers and Tamil Nadu 87.29% of over 6.30 lakh taxpayers. The States that have more than 80 per cent enrolment for the Goods and Tax Services are Chhattisgarh, Madhya Pradesh and Punjab.
Jammu and Kashmir has only 4.92% of the more than 58,000 taxpayers have enrolled for Arunachal Pradesh and Assam the percentage stands at 28.10% of 5,476 taxpayers and 27.92% of more than 2 lakh taxpayers respectively. Manipur has recorded 45.41% of 3,940 taxpayers, Meghalaya 19.39% of 24,296 taxpayers, Mizoram 37.53% of 2,313 and Nagaland 58.22% of 4,847.
Goods and Services Tax (GST) is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016, following the passage of Constitution 101st Amendment Bill. The GST is governed by GST Council and its Chairman is Union Finance Minister of India – Arun Jaitley.
The goods and services tax (GST) council chaired by finance minister Arun Jaitley has urged states to approve state GST laws by the end of May to smoothen the roll-out of the historic tax reform by its target date of 1st July.