1. GST is expected to be effective from July 01, 2017.
  2. GST shall be applicable across India including the State of Jammu & Kashmir.
  3. Input credit under GST shall be available across all inputs and capital goods.
  4. Input credit can only be availed if the supplier pays applicable taxes under GST.
  5. Small business entity have been allowed a lower rate of taxes if the aggregate turnover is less than INR 50,00,000 without claiming any input.
  6. Expected rates under GST would be 5%,12%,18% and 28%.
  7. Provisions under GST makes it mandatory to settle the transactions within a period of 3 months.
  8. Composition scheme allowed for manufacturer is minimum 2.5%, which shall be prescribed by way of notification.
  9. Commonly returns under GST shall be filed by 20th. With details of sales and purchases by 10th & 15th of subsequent month.
  10. Registration under GST shall be made statewise, if aggregate turnover across India crosses 20,00,000.
  11. Registration under GST shall be PAN based. Single registration per state, multiple registration shall be granted only in case of different segments.
  12. Service Tax rate - 15% from 1.06.2016
  13. No change in Income Tax slab
  14. Legal services provided by senior advocate would be taxable as service.
  15. Service tax annual returns is introduced the same shall be filed within 30th november of subsequent year.
  16. Dispute resolution scheme is introduced.
  17. Time limit for refund under Rule 5 of Cenvat Credit Rules, 2004 is prescribed.
  18. Interest rates in Service Tax, Excise and Customs is rationalised to 24% in case of taxes collected and not remitted other cases 15%
  19. Period of issuing SCN in Service tax is increased from 18 months to 30 months,
  20. The issue of overlaps between excise duty and service tax in Software has been made mutually exclusive.
  21. Exemption from Income tax for start ups for 3 years out of 5 years.