Despite the continued wrangling over the Goods and Services Tax Bill and the adoption of diametrically opposite views by different political camps, there is a strong possibility that the piece of legislation may soon become law. THE MULTI RATE STRUCTURE: BOON OR BANE? Saurabh Singhal & Tushar Aggarwal1 Statement of Bengal Chief Minister Mamta Banerjee directing Finance Minister Dr. Amit Mitra (chairman of empowered committee of State Finance Ministers on GST) “GST is long … GST Law will affect, directly and indirectly, each and every sector and person. The GST will replace all indirect taxes The primary reason for implementing the GST was to attain the uniformity in the tax structure of the country so as to free the people from the partiality faced by them. Hence, GST is a last point retail tax. Composition Levy Under GST- A Boon or Bane INTRODUCTION T he appointed date for Goods and Services Tax Law (GST Law or GST) role out is 1st of July, 2017. Boon for honest people and bane for cheaters Kavi Tanna 1221 days ago Given that Chinese and Pakistani hackers are trying to derail GSTN, my guess is that the GST will be a huge boon to the economy. When GST Is A Boon! Boon for honest people and bane for cheaters Kavi Tanna 1305 days ago Given that Chinese and Pakistani hackers are trying to derail GSTN, my guess is that the GST will be a huge boon to the economy. E-commerce boost – Some of the states tend to levy complex restrictions that can hamper the E commerce business so much that some of the sellers avoid shipping products to particular states. Manufacturer, wholesaler or retailer have to pay the applicable GST rate and can claim input-GST through tax credit mechanism. Though the idea is to amalgamate the tax system, there is a significant confusion regarding this. As of today, it appears that compliance burden under GST Law is to increase QRMP BOON OR BANE (B.Venakteswaran IRS., Assistant Commissioner Central GST(Retired) As a trade facilitation measure and in order to ease the process of doing business, the GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up … But being the last person in the supply chain, consumer will bear this tax. GST: Boon or Bane Background of GST The GST (Goods and Services Tax) Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. TYPES OF GST PDF | India has frequently been criticised for being too difficult to do business in, even though the potential of the country is enormous. For a section of people, GST is a boon whereas few consider it as a bane. GST will enhance competitiveness and efficiency, says study. The other reasons were to remove red-tapism, make the taxation system much simpler and impactful. All this will come to an end with the country becoming a clutter free highway for transparent, simple, efficient, one nation indirect tax system. No Stay Applications under GST. GST as BOON: Before gst regime we were getting ITC (input tax credit of goods which were paid for goods) Now, that there is one tax for one nation we are able to avail ITC (input tax credit paid for goods and services interchangeably). GST is collected at each stage of purchase or sale in the supply chain. Why GST can be a boon for the indian economy – From complex to easy –GST simplifies the complicated taxation by eliminating 15-17 indirect tax levies. We all know that India has been one nation with multiple taxes. Boon or a Bane!! It will prove to be a blessing on a certain group of people, but it may not be the same for the other half.
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