GST on after tax money...
Hello GST Subject matter experts, I need your input on my questions. Let's take an example of a person working in a company & pay income tax, net amount of money or take home is after tax money (in some cases there is no pre-deduction in pay check but subsequently ends up paying income tax for the salaried money). He purchases some items with the money that has already been taxed (after tax money) but end up paying GST.
Assume example "Abishek" gets salary of 10000/month taxed at 10% net take home after tax is 90000/month. He uses after tax money 9000 to buy items in stores or eats in restaurants, etc. ends up paying GST.
Is this considered double taxation (tax on after tax money), In some other countries you can keep accumulating the receipts for that year & sum up the GST amount paid in your tax return there by avoiding double taxation i.e. no tax on after tax money.
1. Is this same in India as well?
2. Will the general public be able to claim back the money in their income tax return for their GST paid, if this is the case then there is no impact for common man. In fact it will give some advantage for him in long run.
3. I am also aware there is also certain % of population unemployed or not in regular salary & I am not sure in their situation.
Thanks. more
Assume example "Abishek" gets salary of 10000/month taxed at 10% net take home after tax is 90000/month. He uses after tax money 9000 to buy items in stores or eats in restaurants, etc. ends up paying GST.
Is this considered double taxation (tax on after tax money), In some other countries you can keep accumulating the receipts for that year & sum up the GST amount paid in your tax return there by avoiding double taxation i.e. no tax on after tax money.
1. Is this same in India as well?
2. Will the general public be able to claim back the money in their income tax return for their GST paid, if this is the case then there is no impact for common man. In fact it will give some advantage for him in long run.
3. I am also aware there is also certain % of population unemployed or not in regular salary & I am not sure in their situation.
Thanks. more
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Oct 31
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Oct 31
In India we pay two kind of taxes i.e. Direct Tax and Indirect Tax. Income Tax is Direct Tax. GST is Indirect Tax which we were paying formerly as Sales Tax, VAT, Octroi etc. I agree with Mr. Prakash Rajgopal that the common man or Individual Income Tax payer should get deduction of GST paid from his Income Tax liability just as the corporations and business firms are entitled to claim set-off for the GST paid by them. For this we all Tax Payers should take up this matter with the Mps and MLAs who are our representatives directly and through other channels like this Local Circle and other social media and get the necessary legislations passed/amended. more
Jul 04
Very fundamental question from Prakashji. It IS true that common tax payer is paying tax over tax, income tax and much more over that, on everything you spend on. And this is decided by MPs, who do not have to pay income tax on their salaries. more
Jul 04
I am seeing a lot of educational information for me, please accept my thanks in first place. I am a common man & my thought is same as what government is doing. GST is the consolidation of several indirect taxes to avoid tax evasion, reduce administrative process & simplify with one tax. I am also conveying the same even though direct & indirect tax comes in different bucket but it all comes from one pocket (common man). If he has already paid the income tax why's it not possible to consolidate on total taxes paid for the money generated & spent for that year, regardless of direct / indirect tax at least he should have the option to input his indirect taxes in his return. If his tax burden is reduced well good. Whole idea is moving towards consolidating like government initiative of linking Aadhaar & Pan to identify as one person one ID. This is just a thought & I am not stressing to implement immediately but at least for government to consider in future. I am seeing a lot of pensioners (also to note annuity is also taxable), senior citizens having hard time relying only on interest from their saving to cover their medical expenses and living. Just a little bit of human thought....... Thanks for your time and inputs by saying this I would like to check out of this topic. more
Jul 04
