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What is GST and its benefits
in Current Affairs & Latest News
GST or goods and services tax is priority of union government. What are its merits and features. See:

https://in.finance.yahoo.com/photos/what-is-goods-and-services-tax-and-how-does-it-help-slideshow/

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

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    The Goods and services Tax. It's likely to lead to higher revenue generation for industry and trade as tax burden goes down. This will increase the competitiveness of Indian goods and services in the international market by reducing input cost. Consumers also will be benefited by GST.
    Thank you said by: Gulshan Kumar Ajmani
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    GST will bring a uniform taxation structure all over the country unlike at present where different States have different tax structures, which are making the movement of goods restrictive and tax evasion also is resorted to to avoid high taxes. It is expected to boost production and free movement of goods and services in the country and it is estimated it has the potential to increase GDP by up to 2%.. States are asking to be compensated for revenue loss by Center which should be a one tome gesture. In fact GST should have got introduced 3-4 years ago, but got caught in UPA- BJP politics. Hopefully it should now become a reality in late 2015 as per news item today.
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    There will be two types of GST. Central GST and state GST keeping in view the federal structure. There is also likelihod of petroleum products kept out of proposd GST. It appears that central excise and service tax will be central GST whereas state GST will consist of taxes now coverd in VAT or sales tax. In this connection see:

    http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)

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

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    There will be two types of GST. Central GST and state GST keeping in view the federal structure. There is also likelihod of petroleum products kept out of proposd GST. It appears that central excise and service tax will be central GST whereas state GST will consist of taxes now coverd in VAT or sales tax. In this connection see:

    http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)


    If CST will become central GST and VAT will become state GST will it be not old wine in new bottle?
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    There will be two types of GST. Central GST and state GST keeping in view the federal structure. There is also likelihod of petroleum products kept out of proposd GST. It appears that central excise and service tax will be central GST whereas state GST will consist of taxes now coverd in VAT or sales tax. In this connection see:

    http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)


    If CST will become central GST and VAT will become state GST will it be not old wine in new bottle?


    CST (central sales tax) is being gradually reduced and this will be abolished. The central excise and service tax now administered by Customs and central excise will be central GST. The sales tax/ commercial tax/ VAT by whatever name called now administered by state governments will be state GST. Thus there will be two GST- central and state.

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

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    There will be two types of GST. Central GST and state GST keeping in view the federal structure. There is also likelihod of petroleum products kept out of proposd GST. It appears that central excise and service tax will be central GST whereas state GST will consist of taxes now coverd in VAT or sales tax. In this connection see:

    http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)


    If CST will become central GST and VAT will become state GST will it be not old wine in new bottle?


    CST (central sales tax) is being gradually reduced and this will be abolished. The central excise and service tax now administered by Customs and central excise will be central GST. The sales tax/ commercial tax/ VAT by whatever name called now administered by state governments will be state GST. Thus there will be two GST- central and state.


    Would you kindly bring out the real advantage between proposed GST and present Taxation structure, for benefit of us.
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    Recently, FM stressed on GST for uniformity and avoidance of double taxation. If it is successfully implemented manufacturing industries will get a major boost.

    http://mohanmekap.com/

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    There will be two types of GST. Central GST and state GST keeping in view the federal structure. There is also likelihod of petroleum products kept out of proposd GST. It appears that central excise and service tax will be central GST whereas state GST will consist of taxes now coverd in VAT or sales tax. In this connection see:

    http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)


    If CST will become central GST and VAT will become state GST will it be not old wine in new bottle?


    CST (central sales tax) is being gradually reduced and this will be abolished. The central excise and service tax now administered by Customs and central excise will be central GST. The sales tax/ commercial tax/ VAT by whatever name called now administered by state governments will be state GST. Thus there will be two GST- central and state.


    Would you kindly bring out the real advantage between proposed GST and present Taxation structure, for benefit of us.


    We shall know real advantages when the scheme is final. But most likely advantage is an assessee wil get credit for tax paid on input and input services while paying his GST. I am not clear whether set off between state and central GST will be available.

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

    Thank you said by: rambabu, vijay
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    There will be two types of GST. Central GST and state GST keeping in view the federal structure. There is also likelihod of petroleum products kept out of proposd GST. It appears that central excise and service tax will be central GST whereas state GST will consist of taxes now coverd in VAT or sales tax. In this connection see:

    http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)


    If CST will become central GST and VAT will become state GST will it be not old wine in new bottle?


    CST (central sales tax) is being gradually reduced and this will be abolished. The central excise and service tax now administered by Customs and central excise will be central GST. The sales tax/ commercial tax/ VAT by whatever name called now administered by state governments will be state GST. Thus there will be two GST- central and state.


    Would you kindly bring out the real advantage between proposed GST and present Taxation structure, for benefit of us.



    We shall know real advantages when the scheme is final. But most likely advantage is an assessee wil get credit for tax paid on input and input services while paying his GST. I am not clear whether set off between state and central GST will be available.[/quote

    I too am interested to know the intricacies of GST.. Though your thread has thrown light on hitherto unknown facts on GST, i found as the discussion is progression, there is lot to know about GST. Kindly let me know as and when you have any information on GST
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    I have a question. Did after implementation of GST, are we paying less or more? Whenever I am billed by the retailers, I am paying more. 

    We were told that after GST, it will benefit us. But, it is so?

     

    Want to make each day Accountable

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