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GST approved by Rajya Sabha and after some more formalties it will became of rule. What will its effect on common peoples?

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  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    rambabu
    Perandor
    1.49k 32k 218.8k

    GST, Goods and Services Tax that was passed by both LokSabha and Rajya Sabha unanimously, lead to 'One nation, One Tax',  This will ensure ease of doing Business. More than this, it will reduce the Burden of Taxes on the People.

    http://indianexpress.com/article/business/economy/gst-bill-passed-rajya-sabha-one-nation-one-tax-goods-and-service-tax-2951991/

     


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    vijay
    Diamond Mate
    31 4.98k 28.3k

    it is not sure if it will reduce burden as the rates are not yet finalised. Already the state are asking for rates to be kept higher than at present which will make it costly. We have to wait till our representatives decide in the matter. For ten years they could not come to passing it. 


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    usha manohar
    Basileus
    704 19.5k 126.1k

    The present form of GST's history can be traced to VP Singh who was the very first PM to think of reforms and took steps to study the feasibility of it in the Indian context an asked Montek Singh Ahluwalia the brilliant economist to prepare a report on it..The later governments relaised the importance of it  but failed to implement it.

     


    Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    anil
    MAESTRO MATE
    220 6.73k 39.2k
    usha manohar wrote:

    The present form of GST's history can be traced to VP Singh who was the very first PM to think of reforms and took steps to study the feasibility of it in the Indian context an asked Montek Singh Ahluwalia the brilliant economist to prepare a report on it..The later governments relaised the importance of it  but failed to implement it.

    Later government did not compromise on any point. But present government done it.

     


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    Gulshan Kumar Ajmani
    Editor & Super Moderator
    3.48k 21.9k 176.9k

    The constitution amendment bill has been passed in parliament. after getting assent from President, the bill has to be ratified by state assemblies also. After that a GST council with representatives from center and states will be formed. The council will decide the GST rates and propose  model GST Act/ rules.  We shall be in complete picture about GST only when the ACt and rules are framed. 

    However, GST is not a single tax as is being misunderstood. There will be CGST that will subsume central excise, import duty, CVD etc. The SGST will subsume the state taxes like VAT, Octroi, entertainment tax etc.

    Moreover, Petroleum products and Alcohol for human consumption will not be in GST net.  Also instead of single rate, states may be given band width- lower and upper limit within whjich they may fix rate. 


    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    rambabu
    Perandor
    1.49k 32k 218.8k

    I read a very good Article published in Indian Express. The article clears all doubts in a layman's language with examples.

    http://indianexpress.com/article/explained/gst-bill-parliament-what-is-goods-services-tax-economy-explained-2950335/

     


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    anil
    MAESTRO MATE
    220 6.73k 39.2k
    Gulshan Kumar Ajmani wrote:

    The constitution amendment bill has been passed in parliament. after getting assent from President, the bill has to be ratified by state assemblies also. After that a GST council with representatives from center and states will be formed. The council will decide the GST rates and propose  model GST Act/ rules.  We shall be in complete picture about GST only when the ACt and rules are framed. 

    However, GST is not a single tax as is being misunderstood. There will be CGST that will subsume central excise, import duty, CVD etc. The SGST will subsume the state taxes like VAT, Octroi, entertainment tax etc.

    Moreover, Petroleum products and Alcohol for human consumption will not be in GST net.  Also instead of single rate, states may be given band width- lower and upper limit within whjich they may fix rate. 

    Tell Gulshan Ji why petroleum products and Alcohol will not in GST. My city is adjoining Punjab border. Petroleum products and alcohol is cheeper their. So many person here doing illegal business of these.

     


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    Ronark Bhardwaj
    MAESTRO MATE
    62 6.44k 40.4k

    Opposition has asked the government to keep Petroleum & Alcohol products too, in GST bracket. It completely depends on GST council to set the TAX rate. I believe that if would be more than 18%. Congress has asked to keep under 18%, but i don't think State finance ministers of our country will agree on that.

    Still the bill need little more clarification, especially on rate and other stuff. When bill will pass in Lok sabha, we will see more clarification. 


    Want to make each day Accountable


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    Gulshan Kumar Ajmani
    Editor & Super Moderator
    3.48k 21.9k 176.9k
    anil wrote:
    Gulshan Kumar Ajmani wrote:

    The constitution amendment bill has been passed in parliament. after getting assent from President, the bill has to be ratified by state assemblies also. After that a GST council with representatives from center and states will be formed. The council will decide the GST rates and propose  model GST Act/ rules.  We shall be in complete picture about GST only when the ACt and rules are framed. 

    However, GST is not a single tax as is being misunderstood. There will be CGST that will subsume central excise, import duty, CVD etc. The SGST will subsume the state taxes like VAT, Octroi, entertainment tax etc.

    Moreover, Petroleum products and Alcohol for human consumption will not be in GST net.  Also instead of single rate, states may be given band width- lower and upper limit within whjich they may fix rate. 

    Tell Gulshan Ji why petroleum products and Alcohol will not in GST. My city is adjoining Punjab border. Petroleum products and alcohol is cheeper their. So many person here doing illegal business of these.

     

    I have simply mentioned the position. I cannot comment on why Petroleum, alcohol for human consumption and some other products are being kept out of GST. But I feel that petroleum products should be in GST. Transportation cost including tax on petroleum products enters almost every product and service and so such exclusion will not be appropriate. Possibly, petroleum products could be brought in GST net later.  

     


    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/


  • Re: Goods and Service Tax Act (GST) Approved by Rajya Sabha

    by » 5 years ago


    anil
    MAESTRO MATE
    220 6.73k 39.2k
    Gulshan Kumar Ajmani wrote:
    anil wrote:
    Gulshan Kumar Ajmani wrote:

    The constitution amendment bill has been passed in parliament. after getting assent from President, the bill has to be ratified by state assemblies also. After that a GST council with representatives from center and states will be formed. The council will decide the GST rates and propose  model GST Act/ rules.  We shall be in complete picture about GST only when the ACt and rules are framed. 

    However, GST is not a single tax as is being misunderstood. There will be CGST that will subsume central excise, import duty, CVD etc. The SGST will subsume the state taxes like VAT, Octroi, entertainment tax etc.

    Moreover, Petroleum products and Alcohol for human consumption will not be in GST net.  Also instead of single rate, states may be given band width- lower and upper limit within whjich they may fix rate. 

    Tell Gulshan Ji why petroleum products and Alcohol will not in GST. My city is adjoining Punjab border. Petroleum products and alcohol is cheeper their. So many person here doing illegal business of these.

    I have simply mentioned the position. I cannot comment on why Petroleum, alcohol for human consumption and some other products are being kept out of GST. But I feel that petroleum products should be in GST. Transportation cost including tax on petroleum products enters almost every product and service and so such exclusion will not be appropriate. Possibly, petroleum products could be brought in GST net later.

    I am agree with you, tax rate on petroleum product must be  equal in whole country.

     


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