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Goods and Services Tax (GST) and QuickBooks

QuickBooks is GST ready

On July 1, 2017, the Government of India will be implementing the Goods and Services Tax (GST), a destination based tax on consumption of goods and services.

The tax will be levied on all stages of manufacturing of goods, right up to its final consumption. As a business owner, you will be required to pay taxes on value addition and in stages available as setoff. While only value addition will be taxed, the final consumer will be bearing the burden of the full tax.

GST will be a dual taxation, with both the Centre and States separately levying it on a common tax base. The Central GST (CGST) will be levied by the Centre on intra-State supply of goods and services. The State GST (SGST) will be levied by the States. Integrated GST (IGST) will be levied by Centre on inter-state supply of goods and services.

QuickBooks India is GST ready and our product is well on track to be released prior to the current GST roll out date (July 1, 2017). We will keep you updated on the release date as soon as we can.

For more information and regular updates on GST, please check our GST Centre blog page.

 

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