Hello Friends! How are you all? in my Previous post i have already mentioned How to use BHIM App? Know Everything About BHIM App. After that today in this post i am going to share about Goods and Service Tax. Last few year we all are hearing about GST Bill. Still too many people have confusion about it and how GST bill will work ? What are the positive side of GST Bill and what will be its negative effect? What are the Rates which applied on goods and services after passing this bill?
Don’t worry we are here to inform you all those important knowledge about GST Bill so that you can easily find the solution of each and every confusion about GST Bill.
What is Goods and Service Tax?
GST Stand for Goods and Services Tax. It is an Indirect Tax which will applied both on goods and services. All those Taxes such are Excise, CST, VAT, Entertainment, Lottery tax will no more remain in market and will involved in GST. All these taxes will reunite to one indirect tax. Let us know more about the GST Bill.
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Why we need of GST Bill ?
India’s Tax Structure is very complex, according to Indian constitution the right of applying tax on selling of goods and services is in hand of state government while the right of applying tax on production of goods and services is in the hand of central government. Due to this India have diffident Tax structure in different state which made it really complex. So GST is simple way to make Indian tax structure simple it is same tax system across the state of country.
What are the Benefits of GST?
- Price of many goods and services will reduce as all the central tax Excise, CST will involve in it. So in place of too many tax there will be only one tax.
- The tax which applied on both goods and services in India will remain same across the country as conclusion of this price of goods and services remain same in all the state of India.
- According to ICAR reports, If GST will applied in India the rate of GDP (Gross Domestic Product) can increase about 1 to 2 percent.
- The rate of production of goods and service will reduce as the rate of gst is same in all the state of country. This also helps the different company to sell their products in another state Coviencely.
- GST will also help to build transparent and corruption free administration.
Negative effect of GST.
- according to some economist gst in india would have negative impact on real estate of market
- some of the products like clothes gems could become more expensive
- there is chance of occurring of loss to state as the main source of income for states are those tax which are now going to reduce by gst
Rate of GST As per Product.
GST Rate of all item in India as on May 2017
|Gur, Milk, Eggs, Food grains, Curd, Unpacked paneer and natural honey, Atta, Besan, Fresh Vegetables, Maida, Prasad, Vegetable Oil, Fish Seeds, Common Salt, Contraceptives, Betel Leaves, Cane Jaggery||Tea, Coffee, Sugar, Edible, Oil, Skimmed Milk Powder, Coal, Milk food for babies, Condensed Milk, Packed paneer, newsprint, PDS kerosene, LPG Brooms, Umbrella, Beet sugar, Chalk, Natural graphite, Chalk, Phosphates, Natural calcium, Thorium oxalate||Ghee, Butter, Cashew, Mobiles, Almonds, Fruit Juice, Packed Coconut, Sausages, Agarbatti, Water, Bio-Gas, Medicinal Grade Hydrogen peroxide, Lodine||Soap, Hair Oil, Toothpaste, Industrial Intermediaries, Capital goods, Pasta Corn Flakes, James, Soups, Ice Cream, Toilet and facial tissues, Fountain Pen, Iron^ Steel, Indian Katha, Chlorine, Fountain Pen, Bromine, Artificial waxes,||Cars, Cement, Consumer durables, Chewing gum, Custard, perfume, Shampoo, Firework, Motorcycles, Masala, Molasses Avgas, Hear Cream, Prepared explosives, Hair Dyes|
I hope this information of About Goods and Service Tax is very useful to all of you, If you like this post please share it with your friends via social sites, and if you have any question regarding this post then you can ask with me in below comment box.