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Kolhapur 416012
Maharashtra, India
Phone: +91 231 2620003
Email :
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What is GST?
G -Goods
S -Service
T - Tax
GSTBill, officially known as The Constitution (122nd
Amendment) Bill, 2014, would be a Value added Tax (VAT) to
be implemented inIndia, from April 2016. GSTis an indirect
tax that brings together most of the taxes that are imposed on
all goods and services (except a few) under a single banner.
The GST, however, is a comprehensive form of tax based on a
uniform rate of tax for both goods and services which is
payable only at the final point of consumption.
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Need of GST
Now why GST is so important for the growth in the economic
system in India?
India presently has a dual system of tax and services. The
present indirect structure can be described in the flow chart
below
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Need of GST
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Need of GST
India needs GST to get rid of problems with the direct taxes.
As multiple taxes like CENVAT, central sales tax, state sales
tax, octroi, etc will not exist and will be replaced by GST, and
improve tax compliances.
The complexity in determining the nature of transaction, the
inability of states to levy tax on services, lack of uniformity in
provision and rates, complexities in administration, all could
be withdrawn to an extent with the implementation of GST.
More than 150 countries have adopted GST as it has the
potential to raise revenue with more transparency and
neutrality.
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http://www.indiantransporters.i
n
Call us - +91 231 2620003
Benefits of GST
To economy
To corporate
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Difficulties/Drawback of GST
Some critics say thatGST would have a negative impact
on the real estate market. It will increase the cost of
new homes by 8 percent to and reduce demand by about
12 percent.
It is also estimated that Low and Middle income groups
will be affected badly as the price of goods and services
will go up with the implementation of GST in India.
Some economist says that CGST, SGST and IGST are
nothing but new names for Central Excise/Service Tax,
VAT and CST.
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Conclusion
The GST system is basically structured to simplify
current indirect tax system in India. A well- designed
GST is an attractive method to get rid of deformations of
the existing process of multiple taxation.
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Contact Us Details
Kolhapur Office :
2985,A Ward, Babujamal Road,
Near Mahalaxmi Temple,
Kolhapur 416012
Maharashtra, India
Phone: +91 231 2620003
http://www.indiantransporters.in
enquiry@indiantransporters.in