After long wait Goods and Service Tax is taking some concrete shape. GST council has been formed.  Dual control- center and state to end. also no dual returns. Decided that traders below Rs. 20 lakh turnover will be outside GST limit. Rate yet to be decided. 

http://economictimes.indiatimes.com/news/economy/policy/gst-threshold-fixed-at-rs-20-lakh-in-gst-councils-meet-rate-to-be-decided-in-october/articleshow/54480851.cms

 


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

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  • Re: GST likely coming financial year

    by » 3 years ago


    A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before. 


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


    Thank you said by: suni51

  • Re: GST likely coming financial year

    by » 3 years ago


    The GST will cut down large number of taxes imposed by the Central Government. It goes without saying that it leads to creation of Unified Markets. Other benefits of GST are exports will increase. However, Its a  good step taken by the Central Government, Further, GST will give more money to under- developed States


  • Re: GST likely coming financial year

    by » 3 years ago


    usha manohar wrote:

    A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before. 

    Level of corruption also come down with increased of efficiency level.

     


  • Re: GST likely coming financial year

    by » 3 years ago


    anil wrote:
    usha manohar wrote:

    A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before. 

    Level of corruption also come down with increased of efficiency level.

    On the whole, it's a people friendly measure. Already Lok Sabhapassed it. Now the Rajya Sabha has to pass.

     


  • Re: GST likely coming financial year

    by » 3 years ago


    rambabu wrote:
    anil wrote:
    usha manohar wrote:

    A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before. 

    Level of corruption also come down with increased of efficiency level.

    On the whole, it's a people friendly measure. Already Lok Sabhapassed it. Now the Rajya Sabha has to pass.

    Rajya Sabha passed it.

     


  • Re: GST likely coming financial year

    by » 3 years ago


    rambabu wrote:
    anil wrote:
    usha manohar wrote:

    A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before. 

    Level of corruption also come down with increased of efficiency level.

    On the whole, it's a people friendly measure. Already Lok Sabhapassed it. Now the Rajya Sabha has to pass.

    The bill is already passed by Rajya Sabha and has got President's assent. Most states have also endorsed the bill. GST council has been formed. This thread has been started only after these developments. 

     


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


  • Re: GST likely coming financial year

    by » 3 years ago


    I think the prices will also be reduced because of this single tax system. So it should be a good news to all consumers, but since the tax rate is not yet fixed,  we need to wait and watch how it comes out


    Life is really simple, but we insist on making it complicated - Confucius


  • Re: GST likely coming financial year

    by » 3 years ago


    Too much is being expected from GST. It is a tax unifying measure and helps to streamlining the collection process. Its efficacy will be dependent on the cooperation of the business community and government officials. How it lead to change in attitudes is not clear. 


  • Re: GST likely coming financial year

    by » 3 years ago


    Members please wake up- you are looking at just one face of the coin but the fact is the service tax will go up (the rate is unknown yet) which is applicable on most items. The over all result will benefit the governments but the people in general will have to pay more on most items.


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  • Re: GST likely coming financial year

    by » 3 years ago


    "One Nation One Tax" is the motto  of the GST, which will reduce taxes and introduce ease of Business. according to Finance Minister Arun Jaitley.

    Some benefits and advantages of GST are, Revenue will get a boost, investment boost, Logistics, inventory cost  will fall.


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