GST Implementation in India
On Tuesday, the Indian authority has laid its emphasis that GST Implementations In India will took place from July 1, 2017. Well, the preparations for the implementation of good and service tax are ongoing with lots of smooth procedures and strategies.
We must tell you that this serious decision was not made in just an overnight, the government was thinking over this matter since long time period. However, the tax reform launch requires time as well as efforts because it wills surely going to effect the economic development for the country.
A very famous personality, Mr. Atal Bihari Vajpayee had already contributed his efforts in year 2000 with the introduction of some part of GST. However, earlier the implementation was rolled out on 1 April 2017 but later on it got scheduled to 1 July due to some immense issues.
Undoubtedly, good and service tax will defiantly bring a distinguished indirect tax scheme through the assistance of local taxes, authoritative bodies, central and state government. In short, it means that the indirect taxes that are implemented will be taken off apart from the custom duty.
GST Implementation in India
On Real Estate Buyers:
Well, it is also stated that after the execution of GST, the real estate purchaser will not be having a positive impact on their purchasing power because the price will not get decreased as per the statement of puri.
On small and medium size business:
Well for the small scale and medium size business, the tax rate will low because the medium s well as small scale owners would prove to be a good way for adapting the reforms of tax.
It is also stated that products like alcohol and petroleum add over 40 % of the government revenue, therefore these items are not included in the GST purview. And the state will carry on levying taxes as per their preferences.
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Rates Hikes & Falls on Goods and Services
When it comes to the rate hikes and falls on products and services, the small scale production firms having functioning in one state only are required to provide 37 return minimum which was earlier used to be 13 after the effect from I July onwards.
The administration introducing good and service tax basically for four different arte of taxes including 5 %, 12 %, 18 % and 28 %. In fact the, industry have to face some issues and new challenges such as training of manpower, up gradation and enhancement of system, development and understanding technique for new taxes etc.
|Exempt||5%||12%||18%||28%||28% + Cess|
Tea & Coffee
Drugs & Medicine
Beverages containing milk
(1% / 3% cess)Luxury cars
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Rate classification for services
Hotel/ Lodges with tariff below INR 1000
Rail tickets (other than sleeper class)
Economy class air tickets
Selling space for advertisements in print media
Business Class air travel
Hotel/ Lodges with tariff between INR 1000 and 5000
Hotel/ Lodges with tariff above INR 5000
GST rate on pearls, precious or semi-precious stones, diamonds (other than rough diamonds), precious metals (like gold and silver), and coins – 3%
GST rate on rough diamonds – 0.25%
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GST Benefits and Loss
All the transactions that take place regarding selling or buying of goods will be online recorded so as to provide relaxation from earlier paid taxes to the civilians. The FMCG i.e. fast moving consumer goods dealers are selling out their stocks more and more so as to prevent themselves form facing new challenges from new tax scheme.
For an example, if you go to shop for buying items for purchasing some grocery items or rashan for week or month, then there are chances that you will not get the same as the owner might have cut down their inventory before only. Well, we can conclude a great a job had been done to smooth the taxation process.
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In fact we are no more having to contract with so many tax payment scheme and formalities. Like earlier ,we used to pay so many taxes including VAT, excise duty, service , service added etc but this good and service indirect tax will surely gonna enhance the growth and promote the India’s economic development.
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So that’s all about GST implementation in India , we hope that this new strategy will definitely going to have good and positive impact on our economic growth . Stay tuned with our web portal for more interesting updates like this.