Effect of G.S.T. on our Daily Life.
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GST has changed daily life in India in several ways. Morning routines are now slightly cheaper as taxes have reduced from 26% to 12% on items like tooth powder and from 26% to 18% on soaps. Clothing prices depend on cost, with items under 1000 rupees taxed at 5% and over 1000 rupees taxed at 12%. Food staples like milk, fruits and vegetables are tax free while items like butter and branded cereals are taxed at 12%. Transportation costs have also been impacted, with ridesharing taxes lowered to 5% and economy flight tickets reduced to 5% tax. Entertainment options like restaurants and movies now have higher taxes.
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The document discusses the potential impacts of implementing a goods and services tax (GST) in Malaysia to replace the existing sales tax system. It notes that GST could increase government revenue but may also lead to higher prices and negatively impact low-income households. Exemptions for essential goods may help reduce the burden on the poor. While GST has increased revenue in other countries, the rate would need to be low in Malaysia to avoid fueling inflation or reducing consumer spending. The impacts on prices, government revenue, and different income groups require careful consideration.
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The document summarizes key points from the Indian Union Budget presented by Finance Minister Pranab Mukherjee on February 28, 2011. It outlines the economy's growth at 8.6% and challenges around inflation management. The budget aims for fiscal consolidation with a fiscal deficit of 4.6% in 2012. It proposes various tax reforms including changes to income tax slabs, service tax and customs duty. It also allocates spending toward sectors like agriculture, education, health and outlines the expected impact on various industries.
GST and Indian Manufacturing Sector
GST and Indian Manufacturing Sector
The document discusses the impact of GST on the Indian manufacturing sector. It provides background on the manufacturing sector and issues with the previous indirect taxation system, such as cascading taxes. It then describes the history of GST in India and implementation in 2017. Key impacts of GST on manufacturing include simplification, reduced costs through elimination of entry taxes, improved cash flows due to input tax credits, and restructuring of supply chains for efficiency. Overall, GST is expected to boost the manufacturing sector by lowering costs and prices through removal of cascading taxes.
Goods & services tax
GST is a new indirect tax regime in India that combines multiple taxes into one. It is levied on the supply of goods and services. GST helps eliminate cascading of taxes and reduces the overall tax burden. It includes CGST for the central government, SGST for state governments, and IGST for inter-state transactions. The implementation of GST is expected to simplify indirect taxation in India and boost economic growth by reducing costs and improving ease of doing business. While it offers various benefits, there are also challenges to its implementation regarding tax credits, impact on certain sectors, and operational complexities.
Goods & Services tax - GST
Power point presentation for GST:-
GST is a tax on goods and services. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017
ONLINE ASSIGNMENT
1. The document discusses the impact of GST on the Indian economy, noting that it unifies indirect taxes and brings transparency.
2. Key impacts include increasing competitiveness by reducing costs, simplifying the tax structure, creating a unified economic zone in India, and potentially increasing tax revenues.
3. The rates under GST are 0%, 5%, 12%, 18%, and 28% for different goods and services. The document provides examples of how GST affects prices of items like footwear, cab rides, airline tickets, and more.
Egbt gst final
The document discusses Goods and Services Tax (GST) in India. Some key points:
1) GST aims to replace multiple indirect taxes with a single unified tax on goods and services to reduce the overall tax burden through elimination of cascading effects of taxes.
2) GST has two components - central GST and state GST. Alcohol, electricity, and petroleum products are currently excluded from GST.
3) GST is expected to benefit consumers by making basic goods more affordable while increasing tax revenues through a wider tax base. However, some items may see increased costs.
Overview of gst
goods and service tax GST tax taxation goods and services overview introduction history implementation journey process requirement slab rates Sahab sums taxes Central Government State Government advantages disadvantages problems
ARE YOU READY FOR GST?
The document provides an overview of the Goods and Services Tax (GST) system that is being introduced in India. It discusses the history and development of GST in India, the key features of GST including the different tax rates that will apply to goods and services, and the overall benefits of moving to a GST system. GST aims to create a single, unified Indian market by replacing existing indirect taxes and harmonizing rates and rules across states.
GST -Effects On Consumer
The document summarizes key aspects of the Goods and Services Tax (GST) implemented in India. It outlines the existing tax structure with various central and state taxes and the proposed unified GST structure. It then discusses the positive impacts of GST for consumers, such as removing cascading taxes, standardized tax rates, and potentially lower prices. However, it also notes potential negative impacts like higher costs of services initially and increased inflation. Overall, GST aims to simplify taxation but its effects will depend on execution and pass-through of benefits to consumers.
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多年留学服务公司,拥有海外样板无数能完美1:1还原海外各国大学degreeDiplomaTranscripts等毕业材料。海外大学毕业材料都有哪些工艺呢？工艺难度主要由：烫金.钢印.底纹.水印.防伪光标.热敏防伪等等组成。而且我们每天都在更新海外文凭的样板以求所有同学都能享受到完美的品质服务。
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Effect of G.S.T. on our Daily Life.
- 1. How G.S.T. changes our daily life?
- 2. Content – How GST Changed Our Everyday Life? – Cheaper Morning Routines. – Our Fashion Statement. – To travel is to live. – Food: One of our main necessities. – Entertainment & Dine Outs. – Conclusion.
- 3. How GST Changed Our Everyday Life? – After the introduction of GST for sure our spending habits are changed. – It was 1 July, 2017 and the nation was welcoming its biggest indirect tax reform. – Yes we know taxes like Central Excise, VAT and many more were were now abolished and it was like a new generation of the economic life of the country. – And after that day there have been several changes in the life of the common man and mainly on the daily spending. – But do we know how this affected our daily life? A big question lets checkout the answers……
- 4. Cheaper Morning Routines – Prices for basic consumable such as toothpastes, razors, shaving creams and after shave lotion have increased after the implementation of GST that is 28% which was 26% earlier. – But the taxes on the traditional items such as tooth powder have reduced to 12% from the earlier 26% – Soaps also attract 18% tax now which was earlier 26%. – So we can say that the morning routines are now a bit more cheaper than it was first i.e. before the implementation of GST.
- 5. Our Fashion Statement – Price of clothes also had impact of GST. Taxes are lowered to 5% but only on the clothes that cost less than Rs. 1000. – If the cost of the clothes is greater than Rs. 1000 the taxes are the same i.e. 12%. – The Tax on the footwear is also increased to 18% but if these are leather shoes the tax rate is 28% as they come under luxury items. – Tax for other leather accessories is also increased to 28% which was 6%. – Taxes for the personal Grooming stuff is also increased by 2% and is now 28%.
- 6. Food: One of our main necessities. – Several Breakfast items such as corn flakes, coffee, tea, ready to eat namkeen, condensed milk etc. now have lower tax rate which is 5%. – Items like fresh milk, vegetables and fruits are carrying 0% tax rates. – But after GST there is a price rise in Butter and branded cereals making them slightly more expensive and fall under slab of 12%. – Biscuits , pastries & cakes, ice creams the GST rate is 18%.
- 7. Travel is to live. – GST has bought in some good news for UBER and OLA customers. GST on the such rides is decreased to 5% which was 6% before GST. – The Tax Rates on Economy Class tickets has reduced to 5% which was earlier 6%. – Business class tickets, however are now taxed at 12% from the previous rate of 9%. – Tax on automobiles & motorcycles is increased after the implementation of GST.
- 8. Educational and everyday Stationery – GST will not effect the education sector. Education will have the same taxes which were before that is nil. – The cost of basic stationary items, such as fountain pens, ink pens, and printed books are also unlikely to change. – The tax on items such as geometry boxes has reduced to 5% from 18.5%.
- 9. Entertainment & Dine outs. – The Air conditioned restaurants that serve alcohol now charge 18% tax which was earlier 22%. – There is lower rate of tax for eating at non air conditioned restaurants that do not serve alcohol. – There is increase in tax for the Five-Star Restraunt that is equal to 10%. – Other entertainment options such as movies theatres, televisions, video game consoles and pianos are now taxed higher than before under GST.
- 10. Conclusion – After the implementation of GST there were many changes like it boosted the ‘MAKE IN INDIA’ , eradicated the cascading effect and many more but knowing how this all effected our daily life and how the activities which we carry out daily from getting up from bed in the morning to going back to bed at night are effected by the implementation of GST. And now we know GST plays an important role in our daily life expenditure.
- 11. THANK YOU THE DATA IS BEEN COLLECTED FROM www.icai.org.in