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.
why GST implemented in India
why GST still far way in India
advantages & disadvantages of GST
GST in India and other countries
challenges of GST
Suggestion for GST
Impacts of GST on FMCG sector with special reference to Cassandra Foods Priva...Vignesh Govindaraj
Research Paper - Impacts of GST on FMCG sector with special reference to Cassandra Foods Private Limited Company(OPC).
This paper is published in International Conference - Impact of GST organised by the Department Of BBA and Corporate, Loyola College, Chennai.
Paper presentation:
Done by: Mr. Vignesh & Mr. Sivakumar
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
why GST implemented in India
why GST still far way in India
advantages & disadvantages of GST
GST in India and other countries
challenges of GST
Suggestion for GST
Impacts of GST on FMCG sector with special reference to Cassandra Foods Priva...Vignesh Govindaraj
Research Paper - Impacts of GST on FMCG sector with special reference to Cassandra Foods Private Limited Company(OPC).
This paper is published in International Conference - Impact of GST organised by the Department Of BBA and Corporate, Loyola College, Chennai.
Paper presentation:
Done by: Mr. Vignesh & Mr. Sivakumar
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
3rd August 2016 became a historic day for economic reforms when Rajya Sabha passed the constitutional amendment bill to GST and paved the way for major taxation reforms. Almost all the political parties have broadly agreed.
A Pre Experimental Study to Assess the Effectiveness of Planned Teaching Prog...ijtsrd
Background Health is considered as one of the most important values of life. Certain illnesses can also change the client’s body image or physical appearance weakness, loss of limb, and severe scarring. The client’s self esteem and self concept will also be affected. Early detection and treatment is one of the measures to prevent illness and also to reduce complications and death. Objective The study aimed to assess the effectiveness of planned teaching programme on knowledge towards safe handling of chemotherapeutics drugs among staff nurses in Cancer hospital Gwalior M.P. Methods The research design selected for the study was pre experimental one group pre test posttest . Structured knowledge questionnaire developed to assess the knowledge of staff nurses regarding safe handling of chemotherapeutic drugs. Bhoori Singh | Sunita Tomar | Sunita Singh "A Pre-Experimental Study to Assess the Effectiveness of Planned Teaching Programme on Knowledge towards Safe Handling of Chemotherapeutics Drugs among Staff Nurses in C.H.R.I Gwalior (M.P)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42353.pdf Paper URL: https://www.ijtsrd.commedicine/nursing/42353/a-preexperimental-study-to-assess-the-effectiveness-of-planned-teaching-programme-on-knowledge-towards-safe-handling-of-chemotherapeutics-drugs-among-staff-nurses-in-chri-gwalior-mp/bhoori-singh
The much-awaited Budget is finally out.Finance Minister Shri Arun Jaitley announced the Union Budget 2018-19 on 01st February. Overall, the government in an effort to achieve its objective of reducing poverty, expediting infrastructure creation and building a strong, confident and a New India, in its Budget, has retained its focus on giving a push to the rural economy and the agricultural sector.
Corporate India shall be majorly benefited by rationalization of corporate Income Tax to 25% whereby 99% of the corporate tax payers who clock turnover below.
Rs. 250 Cr in the previous year will be benefited.
We at APMH are determined to demystify the budget from a compliance angle and are excited to present our "Union Budget E - Booklet 2018-19 on various developments in Direct & Indirect Taxes announced in the Union Budget and their implications for Businesses.
Understand how Union Budget 2018 will impact you with in-depth analysis and insights from our tax and industry experts.
We are sure that it will prove as a useful reference material for you and your team throughout the year.
GST A Journey to Make India a Single Tax Economyijtsrd
Goods and Service tax is the Comprehensive levy on the goods and services at the stage of consumption. This paper will try to highlight the changes in out indirect structure that has finally resulted in the introduction of GST. This paper gives a detailed account of how we started with L.K. Jha Committee report in 1976 and ended up with 101st Constitutional Amendment Act that led to the unification of the Economy. The GST is also very important from the view of Cooperative federalism because the introduction of GST was not possible if the State and Central Government would not have forgo some of there power to tax under 7th schedule. The paper has tried to cover the whole journey of GST and the need for integrated tax structure in India. The paper will further evaluate the policy changes and its impact in past 3 years. Manisha Patawari | Dr. S. P. Srivastava "GST: A Journey to Make India a Single Tax Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31326.pdf Paper Url :https://www.ijtsrd.com/management/law-and-management/31326/gst-a-journey-to-make-india-a-single-tax-economy/manisha-patawari
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
Presentation on GST - Goods and Serices Tax
Appreciated by all the faculties during my VIVA so thought of recycling it by sharing it with you.
Hope you find it useful!
3rd August 2016 became a historic day for economic reforms when Rajya Sabha passed the constitutional amendment bill to GST and paved the way for major taxation reforms. Almost all the political parties have broadly agreed.
A Pre Experimental Study to Assess the Effectiveness of Planned Teaching Prog...ijtsrd
Background Health is considered as one of the most important values of life. Certain illnesses can also change the client’s body image or physical appearance weakness, loss of limb, and severe scarring. The client’s self esteem and self concept will also be affected. Early detection and treatment is one of the measures to prevent illness and also to reduce complications and death. Objective The study aimed to assess the effectiveness of planned teaching programme on knowledge towards safe handling of chemotherapeutics drugs among staff nurses in Cancer hospital Gwalior M.P. Methods The research design selected for the study was pre experimental one group pre test posttest . Structured knowledge questionnaire developed to assess the knowledge of staff nurses regarding safe handling of chemotherapeutic drugs. Bhoori Singh | Sunita Tomar | Sunita Singh "A Pre-Experimental Study to Assess the Effectiveness of Planned Teaching Programme on Knowledge towards Safe Handling of Chemotherapeutics Drugs among Staff Nurses in C.H.R.I Gwalior (M.P)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42353.pdf Paper URL: https://www.ijtsrd.commedicine/nursing/42353/a-preexperimental-study-to-assess-the-effectiveness-of-planned-teaching-programme-on-knowledge-towards-safe-handling-of-chemotherapeutics-drugs-among-staff-nurses-in-chri-gwalior-mp/bhoori-singh
The much-awaited Budget is finally out.Finance Minister Shri Arun Jaitley announced the Union Budget 2018-19 on 01st February. Overall, the government in an effort to achieve its objective of reducing poverty, expediting infrastructure creation and building a strong, confident and a New India, in its Budget, has retained its focus on giving a push to the rural economy and the agricultural sector.
Corporate India shall be majorly benefited by rationalization of corporate Income Tax to 25% whereby 99% of the corporate tax payers who clock turnover below.
Rs. 250 Cr in the previous year will be benefited.
We at APMH are determined to demystify the budget from a compliance angle and are excited to present our "Union Budget E - Booklet 2018-19 on various developments in Direct & Indirect Taxes announced in the Union Budget and their implications for Businesses.
Understand how Union Budget 2018 will impact you with in-depth analysis and insights from our tax and industry experts.
We are sure that it will prove as a useful reference material for you and your team throughout the year.
GST A Journey to Make India a Single Tax Economyijtsrd
Goods and Service tax is the Comprehensive levy on the goods and services at the stage of consumption. This paper will try to highlight the changes in out indirect structure that has finally resulted in the introduction of GST. This paper gives a detailed account of how we started with L.K. Jha Committee report in 1976 and ended up with 101st Constitutional Amendment Act that led to the unification of the Economy. The GST is also very important from the view of Cooperative federalism because the introduction of GST was not possible if the State and Central Government would not have forgo some of there power to tax under 7th schedule. The paper has tried to cover the whole journey of GST and the need for integrated tax structure in India. The paper will further evaluate the policy changes and its impact in past 3 years. Manisha Patawari | Dr. S. P. Srivastava "GST: A Journey to Make India a Single Tax Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31326.pdf Paper Url :https://www.ijtsrd.com/management/law-and-management/31326/gst-a-journey-to-make-india-a-single-tax-economy/manisha-patawari
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
Presentation on GST - Goods and Serices Tax
Appreciated by all the faculties during my VIVA so thought of recycling it by sharing it with you.
Hope you find it useful!
GST stands for Goods and Services Tax, India.
It is a comprehensive tax levied by the government on the supply of goods and services. It is also an indirect tax, replacing other central and state levied indirect taxes. GST has brought the whole India under one tax regime, saving time and resulting in a low tax burden.
GST came to India as a medicine that would treat taxable diseases at one go. It was described by economists as the biggest economic reform after independence. Till the year 2017 indirect tax structure in India was a complex mixture of central taxes and state taxes, here different types of taxes were levied at different stages, which made the tax structure difficult and most of the taxes were not adjusted for this system tax. Increases effect such as taxes on taxes that increase the value of products and services. This economic reform is extremely essential for an emerging economic power like India. Impact of The last deputy speaker from the government, the government and the economy will present its influence in both positive and negative forms. This research of mine will throw light on the study of these two sides. Dr. Sumit Trivedi "Impact of GST on Different Classes" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42333.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42333/impact-of-gst-on-different-classes/dr-sumit-trivedi
Impact of Goods and Services Tax (GST) to the Common Mantridentbull
The Goods and Services Tax (Amendment) Bill — officially known as, the Constitution (122nd Amendment) (GST) Bill, 2014 — is believed to be the biggest tax reform since independence. The Constitution Amendment Bill for Goods and Services Tax (GST) passed in the Rajya Sabha on 3 August 2016, which was approved by the Lok Sabha in May 2015.
hi I am Vishnu I made these project for my school if you like these please tell me to make your ppt with money mail to me to know any things ells etc ...
follow me on insta Vishnu_1807_
and subribe my youtube channel - https://www.youtube.com/@user-in4kz4ex2e
thank you
Traditionally India’s tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect taxes was that the India’s majority of population was poor and thus widening base of direct taxes had inherent limitations. But the Indian system of indirect taxation is characterized by cascading, distorting tax on production of goods and services which leads to hampering productivity and slower economic growth. There are endless taxes in present system few levied by Centre and rest levied by state, to remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is required and that is Goods and Service Tax (GST). This paper throws an insight into the Goods and Service Tax concept, advantages, disadvantages and international scenario
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
3. INTRODUCTION
On 1st July 2017 at midnight, the President of India, Sir Pranab Mukherjee and
Prime Minister Sir Narendra Modi launched GST all over India including
Jammu & Kashmir. However, there have been many changes made to the rates
of GST, the latest being on 18th January 2018.
In a short span of time, all the states approved their State GST (SGST) laws.
Union territories with legislatures, i.e., Delhi and Puducherry, have adopted the
SGST Act and the other 5 union territories without legislatures have adopted the
UTGST Act.
The idea of introducing GST was first proposed by the then Union Finance
Minister, P. Chidambaram in his Budget for 2006-07. The discussion on GST
took specific decision with the introduction of the Constitutional Bill (122nd
Amendment), 2014. The Bill was passed by the Parliament on 8 August 2016.
This was followed by the approval of the Bill by more than 15 states. On 12
April 2017, the Central Government enacted four GST bills:
Central GST (CGST) Bill
Integrated GST (IGST) Bill
Union Territory GST (UTGST) Bill
The GST (Compensation to States) Bill
In India, there are different kinds of taxes that are levied in the form of
indirect taxes. For example, the manufacturer procures the raw material and
transform the same into final goods and pay excise duty on the manufacturing
of goods. Further, the traders like wholesaler and retailer pay sales tax or VAT
on the same. In the case of inter-state sale and purchase Central Sales Tax is
levied on trading of goods. The octroi is also paid on transportation of goods
from one state to another. The credit passes on from trader to trader and lastly,
4. all these taxes indirectly collected from the customer at the last resort under the
umbrella of MRP (Maximum Retail Price).
ALL these taxes trap finally come to an end with only one indirect tax in the
country called GST. Now you only need to register your business for GST as it
is a collaboration of all taxes with a new name which is replacing all indirect
taxes with a new and single tax.
IMPACT OF GST ON INDIAN ECONOMY
GST is a game-changing reform for the Indian Economy, as it will bring the net
appropriate price of the goods and services. The various factors that have
impacted Indian economy are:
1. Increases competitiveness
The retail price of the manufactured goods and services in India reveals that
the total tax component is around 25-30% of the cost of the product. After
implementation of GST, the prices have gone down, as the burden of paying
taxes has been reduced to the final consumer of such goods and services.
There is a scope to increase production, hence, competition increases.
2. Simple Tax Structure
Calculation of taxes under GST is simpler. Instead of multiple taxation
under different stages of supply chain, GST is a one single tax. This saves
money and time.
3. Economic Union of India
There is freedom of transportation of goods and services from one state to
another after GST. Goods can be easily transported all over the country,
which is a benefit to all businesses. This encourages increase in production
and for businesses to focus on PAN-India operations.
5. 4. Uniform Tax Regime
GST being a single tax, it has made it easier for the taxpayer to pay taxes
uniformly. Previously, there used to be multiple taxes at every stage of
supply chain, where the taxpayer would get confused, which a
disadvantage.
5. Greater Tax Revenues
A simpler tax structure can bring about greater compliance, this increases
the number of tax payers and in turn the tax revenues collected for the
government. By simplifying structures, GST would encourage compliance,
which is also expected to widen the tax base.
6. Increase in Exports
There has been a fall in the cost of production in the domestic market after
the introduction of GST, which is a positive influence to increase the
competitiveness towards the international market.
Positive Aspects
1. The main reason to implement GST is to abolish the cascading effect
on tax.
2. The GST is being introduced to create a common market across states,
not only to avoid enfeebled effect of indirect tax but also to improve tax
compliance.
3. GST will lead a more transparent and neutral manner to raise revenue.
4. Price reduction as credit of input tax is available against output tax.
5. Simplified and cost saving system as procedural cost reduces due to
uniform accounting for all types of taxes. Only three accounts; CGST,
SGST, IGST have to be maintained.
Negative Aspects
1. GST is being referred as a single taxation system but in reality it is a
dual tax in which state and centre both collects separate tax on a single
transaction of sale and service.
6. 2. At present the main Indirect tax system of central Government is
central excise. All the goods and commodities are not covered by the
central excise and further there is an exemption limit of Rs. 1.50 Crores
in the central excise and further traders are not liable to pay central
excise. The central excise is payable up to the stage of Manufacturing
but now GST is payable up to the stage of sale.
3. Majority of dealers are not covered with the central excise but are only
paying VAT in the state. Now all the Vat dealers will be required to
pay “Central Goods and service tax”.
After a lot of deliberation, our GST council has finalised the rates for all the
goods and major service categories under various tax slabs, and the GST is
expected to fill the loopholes in the current system and boost the Indian
economy. This is being done by unifying the indirect taxes for all states
throughout India.
The tax rate under GST are set at 0%, 5%, 12%, 18% and 28% for various
goods and services, and almost 50% of goods & services comes under 18% tax
rate. But how is our life going to change post GST? Let’s see how GST on some
day-to-day good and services will have an impact on an end user’s pocket.
Footwear & Apparels/Garments:
Footwear costing more than INR 500 will have a GST rate of 18% from an
earlier rate of 14.41 rate but rates for the footwear below INR 500 has been
reduced to 5%. So, you need to shell out more for buying a footwear above INR
500/-. And with respect to the ready-made garments, the rates have been
reduced to 12% from an existing 18.16% which will make them cheaper.
Cab and Taxi rides:
7. Now, taking an Ola or an Uber will be cheaper because the tax rate has come
down to 5% from an earlier 6% for a cab booking made online.
Airline tickets:
Under the GST, tax rate for economy class for flight tickets is set at 5% but the
tax for business class tickets will have a higher tax rate of 12%.
Train Fare:
There will not be much of an impact. The effective tax rate has increased from
4.5% to 5% in GST. But, passengers who travels for business trips can claim
Input Tax Credit on their rail ticket which can help them to reduce expenses.
People travelling by local trains or in the sleeper class will not be affected, but
first-class & AC travellers will have to pay more.
Movie Tickets:
Movies tickets costing below INR 100 will be charged a GST rate of 18% but
prices above INR 100 will have a higher tax rate of 28%.
Life Insurance Premium:
The Premium Amounts on policies will rise, with an immediate impact can be
seen on your term and endowment policy premiums as the rates have been
increased under GST across life, health and general insurance.
Mutual funds Returns:
GST impact on your returns from mutual funds investments will largely be
marginal as the GST will be charged on the TER i.e. Total Expense Ratio of a
mutual fund. The TER is commonly called as expense ratio of a mutual fund
company, and the same is set to go up by 3%. The return what you get as an
investor will be reduced to that extent unless the respective mutual fund
company i.e. AMC absorbs it but that anyhow will be a marginal difference.
8. Jewellery:
The gold investment will become slightly expensive because there will be 3%
GST on gold & 5% on the making charges. The earlier tax rate on gold was
around 2% in most of the states and the GST is increased from the existing rate
to around 2% to 3%.
Buying a Property:
Under construction properties will be cheaper than read-to-move-in properties.
The GST rate for an under-construction property is 18% but the effective rate
on this kind of property will be around 12% due to input tax credits the builder
will avail of.
Education & Medical Facilities:
Education and Medical sectors have been kept outside the GST ambit and both
the primary education & healthcare is exempt from GST. It means a consumer
will not pay any tax for the money you spent on these services. But due to
increase in the rate of taxes for certain goods & services as procured by these
organisations, they may pass on the additional tax burden to the consumers.
Hotel Stay:
For your hotel stay, If your room tariff is less than Rs 1,000, then there will be
no GST, but anything above Rs 5,000 will attract 28% tax.
Buying a Car:
Most of the cars in the Indian market will become slightly cheaper, except for
the hybrid cars because the GST rate will be 28% tax on all the vehicles
irrespective of their make, engine capacity or model. However, over and above
this 28%, an additional cess will be levied which can be either 1%, 3% or 15 %,
depending on the particular car segment.
Mobile Bills:
9. People will have to pay more on mobile phone bills as GST on telecom services
is now 18%, as opposed to the earlier tax rate of 15%. However, telecom
companies may absorb this 3% rise due to fierce competition.
Restaurant Bills/EATING OUT:
Your restaurant bill would depend on whether you dined at an AC or Non-AC
establishments which do not serve alcohol. Now dining at five-star hotels will
be charged at 18% GST rate and the Non-AC restaurants will be charged 12%
and a 5% GST will be charged from small hotels, dhabas and restaurants who
do not cross an annual turnover of INR 50 Lakh.
IPL & other related events:
Events like IPL i.e. sporting events will have a 28% GST rate which is higher
than the earlier 20%.rates. This will increase the price of your tickets. And the
GST rate for other events like theatre, circus or Indian classical music shows or
a folk dance performance or a drama show will be at 18% GST rate, this is
lesser than the earlier tax rate.
DTH and cable services:
The money you pay towards your DTH (Direct-To-Home) connections or to
your cable operator will reduce a bit as the rate is fixed at 18%, which is lower
than the earlier taxes which were comprising of entertainment tax in the range
of 10% to 30%, apart from the service tax of 15%.
Amusements Parks:
The ticket price for amusement parks and theme parks will increase as the
earlier service tax of 15% will become 28% under the GST.
HERE’S IS A LIST OF SOME ITEMS WHICH ARE COMPLETELY
EXEMPT FROM THE GST REGIME:
*The unprocessed cereals, rice & wheat etc.
10. *The unprocessed milk, vegetables (fresh), fish, meat, etc.
*Unbranded Atta, Besan or Maida.
*Kid’s colouring book/drawing books.
*Sindoor/Bindis, bangles, etc.
These are just a few ways in which the GST will impact daily life. How has
your experience with GST been so far?
CONCLUSION
Implementation of GST is one of the best decision taken by the Indian
government. For the same reason, July 1 was celebrated as Financial
Independence day in India when all the Members of Parliament attended the
function in Parliament House. The transition to the GST regime which is
accepted by 159 countries would not be easy. Confusions and complexities were
expected and will happen. India, at some point, had to comply with such
regime. Though the structure might not be a perfect one but once in place, such
a tax structure will make India a better economy favourable for foreign
investments. Until now India was a union of 29 small tax economies and 7
union territories with different levies unique to each state. It is a much accepted
and appreciated regime because it does away with multiple tax rates by Centre
and States. And if you are doing any kind of business then you should register
for GST as it is not only going to help Indian government but will help you also
to track your business weekly as in GST you have to make your business
activity statement each week.