Summary: With the passage of the GST, it will be simpler and easier to get along with the taxation and take your prospects of the business to next level. In this blog you will come to know about few facts that will keep you going.
The inception of the idea of GST dates back to 2000’s but after a lot of debate, discussions, stalled hours at the parliament, opposition inane innuendo, political gimmicks and vote-bank politics, the bill has been finally passed in the parliament. As a person who has been alien to the GST, you would wish to know a lot about the immediate repercussions and impacts. In this piece, you will come to know about few facts that will help you stay put and enroll into GST in order to take the Indian economy forward.
GST will be an indirect tax imposed on the sale of goods and services in India.
After the implementation of the GST, the import bills will inflate in between US$3.6 billion to US$6.9 billion.
GST passage will fill up the public exchequer with Rs.79, 500 cr.
In terms of benefits from export, the values may vary in between US$5.4 billion to US$10.7 billion.
On the financial services, the GST will be 18% which would be 3% above the previous tax structure. But, with the availability of Input Tax Credit, as a service provider you can stand to gain out of it rather than loose.
Travelling will be cheaper with just 5% GST imposed on fares across all mode of transport.
Soft drinks and aerated drinks will turn costlier with 28% GST imposed on their consumption. This step has been taken to discourage the use of the soft drinks as they harm the body.
Television, refrigerator and air-conditioners will be costlier by 4-5% as the GST on such goods will stand pegged at 28%.
Entertainment tax would be levied at the rate of 28%. This tax rate would be uniform everywhere in casinos, hotels and cinema theatres. You will have to pay more to watch movies now.