From 1 April 2017, Nothing will be hidden, Yes we are talking about the application of GST bill ( Good and Service tax bill ) according to which a customer will know exactly what amount of tax they are paying on the product or services they purchase or consume.
What is GST?
GST Bill is the biggest taxation reform in the upcoming industry invented to crucially kill Tax terrorism and helps end corruption.
Who gives the Idea?
In 2005, Our former finance Minister Mr. P.Chidambbaram proposed the idea of GST bill. After completing its journey of 11 years finally, the bill gets passed by the parliament.
Reaction and Support in favor of GST Bill
GST bill is supported by all other parties, The amendment will have to be endorsed by at least 16 different states.
one more time, it is proven that India is a democratic nation by approving the amendment in a single shot. Yes, the gratitude expressed for all political parties by Our Prime Minister Modi Ji and Finance Minister Arun Jaitley Ji for approving the amendment.
Not only this the leader and vice-president of Congress Mr. Rahul Gandhi Ji also express that “GST is a good step for the country”.
What it can DO?
No Hidden, No black market, neither any Underground money. Yes after the implementation of GST bill ( Which is currently in process) the nation’s economy destroyer will be long gone.
Yes, you can’t hide your tax but you have to pay less. The tradition of tax on tax troubling from a manufacturer to a customer will be ended as soon as the GST bill applied.
Not only this, If you are earning through commission and think why would you pay tax, You didn’t buy or sell the thing, You were the mediator then why you have to pay tax. Then you are wrong, To support the economy and our nation we all have to stand united and pay tax. Doesn’t matter if you are a commission agent or a roadside fruit seller if you are earning well then you have to pay tax as well.
- This sounds great but why GST when VAT is what we already have with similar framework to GST
Here now the main difference between VAT and GST is that VAT rules, rates, and regulations differ across different states. Now every state wants to develop itself, so they change their tax rates to engage and fascinate a large number of investors resulting providing loss to central revenue.
But after GST there will be a systematic taxation rule across distinctive states. Also, its make easier to supply goods and service rigidly across the country with no additional taxes.
Whats’s in GST
Tobacco, tobacco products. Center may impose excise duty on tobacco
What’s out of GST
Alcoholic liquor for human consumption
Petroleum crude, high-speed diesel, motor spirit (petrol), natural gas and aviation turbine fuel
GST can’t be seen as a victory for a party or government…It is the victory for the democratic ethos of India and a victory for everyone