What is GST.- Details & Benefits

Dear ALL What is the threshold turnover for enrolling to GST? more  

Here are few things you should know about GST: 1 / 10 GST: All you want to know about India's biggest tax reform GST is a value-added tax and will replace all indirect taxes levied on goods and services by the Indian Central and State governments. It is aimed at being comprehensive for most goods and services. 2 / 10 Cap 4 Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle. 3 / 10 GST: All you want to know about India's biggest tax reform There would be a single tax policy across the country that will allow free movement of goods and services to each and every state of India. The cost of the product throughout the country would be almost the same and customers will have more money in their pocket to spend. This will likely boost India’s GDP by 1 to 1.5 percent, according to experts. 4 / 10 GST: All you want to know about India's biggest tax reform Since GST will cut down a large number of taxes imposed by the central government, this will lead to the creation of a unified market, which would facilitate seamless movement of goods across states and reduce the transaction cost of businesses. 5 / 10 GST: All you want to know about India's biggest tax reform The commodities that are exempted from GST are potable alcohol, aviation turbine fuel, high-speed diesel, and petroleum. 6 / 10 GST: All you want to know about India's biggest tax reform The benefits of GST can be summarised as — FOR BUSINESS: For business and industry — Easy compliance, Uniformity of tax rates and structures, Removal of cascading, Improved competitiveness, Gain to manufacturers and exporters. FOR CENTRE & STATE GOVTS — Simple and easy to administer, Better controls on leakage, Higher revenue efficiency. FOR CONSUMER: Single and transparent tax proportionate to the value of goods and services, Relief in overall tax burden. Production and distribution of goods and services are increasingly used or consumed and vice versa. Benefit people as prices will come down which in turn will help companies as consumption will increase. 7 / 10 GST: All you want to know about India's biggest tax reform GST will not be a cost to registered retailers, so there will be no hidden taxes and the cost of doing business will be lower. At the Central level: Central excise duty, additional excise duty, service tax, additional customs duty (commonly known as countervailing duty) and special additional duty of customs. At the state level: Subsuming of state value added tax/sales tax, entertainment tax (other than the tax levied by the local bodies), central sales tax (levied by the Centre and collected by the states), octroi and entry tax, purchase tax, luxury tax, and taxes on lottery, betting and gambling. 8 / 10 GST: All you want to know about India's biggest tax reform The Central GST (CGST) and the State GST (SGST) would be levied simultaneously on every transaction of supply of goods and services except on exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits. It will also help to build a transparent and corruption free tax administration. Presently, a tax is levied on when a finished product moves out from a factory, which is paid by the manufacturer, and it is again levied at the retail outlet when sold. 9 / 10 GST: All you want to know about India's biggest tax reform Further, both would be levied on the same price or value unlike state value added tax, which is levied on the value of the goods inclusive of central excise. The challenges to GST – Tax-sharing between states and the Centre was another bottleneck. Nice to see that there is a consensus now. Very high rates 16% compared to current 12.5 % VAT. 10 / 10 Cap 3 It is good for export-oriented businesses. Because it is not applied for goods/services which are exported. The Additional Duty of Excise and the Special Additional Duty presently being levied on imports will be subsumed under GST. Unlike in the present regime, the states where imported goods are consumed will now gain their share from this Integrated GST paid on imported goods. more  

Positives 1. Less Harassment and less corruption by govt officials. 2.More transparency in taxation. 3. Ease of collection 4.more businessmen under tax net. Negatives: 1.autocratic and enhanced rates by govt. 2. More robotic and less humanistic. 3. Gov't is increasing its revenue by taxing common man more and more. more  

lot of training is to be given to both business people and officers and it take lot of time more  

what services are brought in to tax net is not understood to me except hotels can any body through light on this . The loss due to the introduction caused to states will be compensated by center that means i am afraid more goods will be brought in to tax net more