is GST Implementation in India going to change India's destiny....??
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After lots of hurdle finally Indian Government implement GST in India.
India’s biggest tax reform is now a reality. A comprehensive dual Goods and Services Tax (GST) has replaced the complex multiple indirect tax structure from 1 July 2017.
The concept of GST was visualized for the first time in 1999. On 8 August 2016, the Constitutional Amendment Bill for roll out of GST was passed by the Parliament, followed by ratification of the bill by more than 15 states and enactment of the bill in early September.
The GST is a Value added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments.
Is it really going to help India towards positive side in the future...??
Location: Brampton, Ont, Canada
Posted on: 08-07-17 12:06:00
RBO : Nice point you brought up but sadly not many CD's r interested in valuable topics.
It is definitely a very good steps and it will benefit huge in future.
I am not too happy with 4 tier structure, there much be reason for it so we will wait.
I really hope in future it will be more simpler structure along with one tax close to 8% to 12%
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by Blue_Peafowl
RBO : Nice point you brought up but sadly not many CD's r interested in valuable topics.
It is definitely a very good steps and it will benefit huge in future.
I am not too happy with 4 tier structure, there much be reason for it so we will wait.
I really hope in future it will be more simpler structure along with one tax close to 8% to 12%
Basically, Indians are not used to pay any kind of taxes from childhood, so very hard for Indians to digest heavy taxes in first shots but will be fine after a year and so.
till now most of the business was running on cash based only, but after big currency demonetization in India people has forcefully to do legal transactions.
peoples are getting pain today but then tomorrow will be better...
GST. In India.
Here is a link to what gets taxed and at what rate and what does not. The rates are different for different services.
Just for your information only .. It is ' Good to know'. It will take some time to get to understand how they implement them. AND if you do not live there, then, you will not know all about it too. So, ask the locals after you land, they will know all or most of it by then.
There in India we used to pay just what they say as retail price, marked on the boxes on a product. Will it be the same from 1st July 2017.
http://www.thehindu.com/business/Economy/article18514302.ece/BINARY/Schedule%20of%20GST%20rates%20for%20services
FH.
Please copy and paste.
<http://www.thehindu.com/business/Economy/article18514302.ece/BINARY/Schedule%20of%20GST%20rates%20for%20services>
