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All you need to know about the GST bill.
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GST bill is the most important tax reform in the country post independence and on Wednesday Rajya Sabha has cleared the bill. Government is trying to simplify the taxation system in India for the general public. One tax for all is the aim behind GST bill. Now let us understand GST and see the pros and cons of GST bill.
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What is GST?
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Goods and Services Tax will replace all the existing levies such as excise duty, central sales tax, and entertainment tax with a single tax. Currently in India there are many indirect taxes which are too confusing for a common man to understand. State as well as central levy many taxes and due to this there are multiple taxes levied on a single product or service. With GST the taxation would be unified across the nation.
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Long term benefits of GST
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Elimination of multiple taxes on firms, this is help ease of doing business in India.
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Reduction in logistics costs for firms, as the inter-state taxes will get eliminated.
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The prices of capital goods could fall by 12-14 boosting GDP growth by 0.5%
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Black money will be reduced as the financial documentation will increase.
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Short term benefits of GST
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What will get costlier?
[/fusion_title][fusion_alert type=”error” accent_color=”” background_color=”” border_size=”1px” icon=”fa-arrow-up” box_shadow=”yes” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” class=”” id=””]Hotel services[/fusion_alert][fusion_alert type=”error” accent_color=”” background_color=”” border_size=”1px” icon=”fa-arrow-up” box_shadow=”yes” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” class=”” id=””]Cell phone bills[/fusion_alert][fusion_alert type=”error” accent_color=”” background_color=”” border_size=”1px” icon=”fa-arrow-up” box_shadow=”yes” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” class=”” id=””]Air and rail tickets and restaurant bills [/fusion_alert][fusion_alert type=”error” accent_color=”” background_color=”” border_size=”1px” icon=”fa-arrow-up” box_shadow=”yes” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” class=”” id=””]Tablets and jewelry[/fusion_alert][fusion_alert type=”error” accent_color=”” background_color=”” border_size=”1px” icon=”fa-arrow-up” box_shadow=”yes” animation_type=”0″ animation_direction=”left” animation_speed=”1″ animation_offset=”” class=”” id=””]Mobile phones and online shopping[/fusion_alert][/fusion_builder_column][fusion_builder_column type=”1_2″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_title size=”3″ content_align=”left” style_type=”none” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]
What will get cheaper?
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When will GST take effect from?
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The government is targeting to roll out GST from April 2017. Before that many things are to be sorted out which are as follows.
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The bill has to be passed in both the houses in the parliament.
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At least 15 of 29 states have to vote in favor in order to carry the bill forward.
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In winter sessions of the parliament a further bill would be passed to enshrine the tax in law.
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Standard rate of GST has to be still worked out.
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A separate GST Council would be set up with minister from state and central to implement the tax.
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To Conclude.
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The congress party has agreed to pass the bill provided the government keeps the GST rates at 18% or less. Though the government has not yet decided on the rates but it has promised to keep fair rates. If the GST is passed then the taxation system in India will be of less tangles and transparent. With the passing of this bill the GDP is said to grow at whooping 2% this will be very good for India’s economy. Hope for a better India.
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