One Country, One Tax – We Are Finally GST-iians
Pass! Pass! Not entrance exam in IIT or UPSC….Its GST bill.
GST bill passed and with that welcome 122nd amendment to our constitution.
THE “BRAHMASTRA” IS READY FOR BOOSTING THE INDIAN GDP….
GOODS and SERVICE TAX bill, the most awaited reform is been implemented in 2016 effectively. GST bill will predominantly have two module keeping in mind the federal structure of India, the Central GST and State GST. Irrespective of GST bill’s on simplifying the indirect tax structure, GST also makes “One Nation One India” system by eradicating the geographical fragmentation within the country. There are various instances in which we have heard many times about using the word GST then and now say in media stating, the parliament was adjourned, prime minister says GST is his goal, states are mourning with GST and much more huha about GST!! So lot of us are always inquisitive about what is GST!
Why GST is considered to be more significant? What change does GST bring to a common man like us?
Forget adding Taxes
One Tax – Our country is subjected to impose central and state tax. But when it comes to GST, it is all combined to ONE TAX method. So henceforth the constitutional amendment will enable both the Center and State to include all indirect taxes currently imposed, which comprises service tax and excise duties.
Tax Ladder – It will remove the current indirect taxes, which is more than 11 taxing systems like central sales tax; state sales tax; entry tax, license fees; turnover tax etc. will be dead and no longer present. All that will be combined and brought under GST (only one tax).
Entrepreneur’s Heaven – Entrepreneurs, start celebrating because it’s time for you to start your venture and GST welcomes the way “with bed of roses” to be easier and more comfortable as various hidden taxation will not be present.
Make (More) in India – There are speculations that GST will improve ‘Make in India’ as manufacturers will get credit for all taxes paid earlier in the goods chain and motivating firms to get inputs from other registered dealers.
Government Counting – The government will get additional revenues as GST reduces excise duty exemptions because so far India loses 3.2 lakh crore in exemptions.
Time for a New Vroom – Car lovers, get ready to buy your new longtime desired vehicle. As GST plays a vital role in the manufacturing cost by reducing 16% down from the previous price.
Move it Movers – Thus India will become one market with free movements of goods as logistics becomes easier with GST, tax compliance will be faster and less expensive.
With an intensive analysis and research on GST it is crystal clear that it is going to bring prosperity to us on many aspects.
Real Estate -errs – But on other hand there are some negative predictions after implementing GST. Critics say that GST would impact on the real estate market which would add up to 8 percent to the cost of new homes and reduce demand by about 12 percent.
The Oddity – Service tax is raised in sectors like hotels, cellphone bills, air and train tickets. Due to this inflation may rise for certain period. Several typical products like petroleum alcohol etc. will be out from GST.
However its bit early to calculate the benefits of GST, since GST tax rates are not yet fixed and expected to be fixed in next 60 days.
At present cheer up and say CHUCK DE INDIA!!!!!
STILL MORE TO COME ON GST.