[vc_row][vc_column width=”2/3″][vc_custom_heading text=”Ultimate Checklist to know You are GST Ready” use_theme_fonts=”yes”][stm_post_details][vc_column_text]
What is GST
In order to be ready to welcome the changes proposed in the GST Bill, you need to first know what exactly GST is.
GST stands for Goods and Services Tax. This is a method of taxation proposed in India where most of the already existing taxes will be merged into a single system of taxation. This GST is supervised and directed by a council called the GST Council. This Council is presided over by its chairman Mr. Arun Jaitley who is the Union Finance Minister of India. As of now, whenever goods and services are sold/provided or consumed, there would be a tax part of which goes to the respective State Government and another part which goes to the Central Government’s treasury. With the GST bill, there would be a tax on these goods and services, all controlled only by the Central Government. [/vc_column_text][vc_column_text]
The Current Tax Situation in India
According to the Constitution of India, both the Central and State governments have the power to levy taxes on various goods and services, sold or bought. Both governments have some areas where they have the sole power to impose a certain amount of tax. The most important one which is income tax is in the hands of the Central Government. These are also called as direct taxes. Indirect taxes are levied when goods are manufactured or when services are provided and consumed by the involved people. Most of the indirect taxes also stand in the domain of the Central Government itself. The State Governments, on the other hand, control taxes on consumption of goods and services. [/vc_column_text][vc_column_text]
The Downside
The main problem with this kind of taxation system is that the Central has powers to levy a tax, and the individual State Governments also have the same power. This causes quite a problem when a particular good or service is being taxed. Firstly, when a product is made or produced in a factory, the Central Government imposes a tax before the product even leaves the factory. This is called central excise tax. Any product that is manufactured in any factory or workplace in India will be levied this tax by the Central Government. Now when the product is sent to some store or shop for sale, the concerned State Government will impose an additional tax on the sale of the product. This is a tax for consumption of the product and it is called as Value Added Tax (VAT) that we can see clearly on the bill when we buy any product. So, in effect, there are two taxes on the product, one when it had been manufactured and one when it has been bought/consumed.
Another problem is that State Governments will impose a tax on products which are brought in from other states because they treat them as “imported” goods even if they are manufactured in India only. This causes additional tax burden on the consumers many times. To add to these problems, the fact that excise tax is applied at the factory where the product is manufactured, and value added tax is added afterwards at the stage of sale or consumption means that the State Government is adding a VAT on the increased price which is caused due to the Central Government’s excise tax addition. That means we are being taxed by the State on the already imposed tax amount by the Central Government. This excise tax is not shown on the bill we are given when we purchase a product, so we do not actually know the true amount of tax we are having to play for a product, and there is no transparency in the taxation system currently. [/vc_column_text][vc_column_text]
Changes with implementation of GST
With GST, first of all, the tax barriers between states will be removed. When this happens, instead of taxing a product twice, the tax will be levied only at the time of the consumer actually purchasing the product. This tax will include both the excise and VAT taxes at once. Also then there will be no State-imposed tax on the Central-imposed tax, thus decreasing the final tax amount a little. [/vc_column_text][vc_column_text]
Become GST Ready
With the proposed GST Bill to take effect from the 1st of July this year, it is high time we prepared to welcome GST. So here are the points you need to consider to become GST ready when it will be finally implemented.
- You will have to file only a single state-wise report of all your transactions, within and out of the country. Accordingly, you can pay the taxes on the kind of goods and services involved.
- The state-wise registration, paying of taxes and all other such transactions will be made online, so get ready for that. There will actually be minimum or no personal interaction between you and the tax officials.
- A business with an annual turnover upto 20 lakh rupees need not register under the GST law. But that with upto 50 lah rupees should do so to avail tax benefits, pay lower taxes and have a somewhat comparatively lax compliance rules and regulations.
- If you are a service/goods provider make sure you break up the price clearly including actual price and the tax levied in the bill. If you are a consumer, be in the know-how about the bill and how you infer the tax you are paying for a product or service.
- With the implementation of GST, for many tech, FMCG, vehicle, telecom and travel products/services the price will go up with an increase in the tax amount to be paid. Either get ready to shell out big bucks come July 1st. or stock up on your required products as much as possible before the GST Bill is implemented.
[/vc_column_text][vc_column_text]
Conclusion
All in all, the implementation of the GST Bill will come in with its own advantages and disadvantages. Although the tax amounts might go up a bit, there will be transparency in the taxation process and there will not be tax levied on tax as it is happening in the current scenario. These advantages can only indicate progress and somewhere down the line, we will definitely benefit from the implementation of this Bill. [/vc_column_text][stm_post_bottom][stm_post_about_author][stm_post_comments][/vc_column][vc_column width=”1/3″][stm_sidebar sidebar=”2252″][/vc_column][/vc_row]
I am really inspired along with your writing talents and also with the structure for your weblog. Is that this a paid subject or did you customize it yourself? Either way keep up the nice high quality writing, it is uncommon to peer a nice weblog like this one nowadays..
I like what you guys are up too. Such smart work and reporting! Carry on the excellent works guys I’ve incorporated you guys to my blogroll. I think it will improve the value of my site 🙂
I cling on to listening to the news bulletin talk about getting boundless online grant applications so I have been looking around for the finest site to get one. Could you advise me please, where could i acquire some?
I love looking through and I think this website got some really utilitarian stuff on it! .
Thank you so much for giving everyone an extremely spectacular chance to read articles and blog posts from this web site. It’s usually so pleasurable and stuffed with a good time for me personally and my office peers to search your web site the equivalent of thrice in a week to find out the fresh tips you have got. And of course, we are certainly satisfied for the unbelievable tactics served by you. Selected 2 areas on this page are rather the most suitable I have ever had.
Hello. fantastic job. I did not anticipate this. This is a fantastic story. Thanks!
Thanks for sharing excellent informations. Your web site is very cool. I am impressed by the details that you have on this blog. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for extra articles. You, my pal, ROCK! I found just the information I already searched all over the place and just couldn’t come across. What a perfect web site.
Very interesting topic, regards for putting up. “The height of cleverness is to be able to conceal it.” by Francois de La Rochefoucauld.
I’m still learning from you, as I’m trying to achieve my goals. I definitely enjoy reading all that is written on your blog.Keep the aarticles coming. I enjoyed it!
Magnificent site. Lots of helpful info here. I’m sending it to several pals ans additionally sharing in delicious. And certainly, thanks on your sweat!
I’m truly enjoying the design and layout of your blog. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a developer to create your theme? Outstanding work!
It?¦s actually a cool and useful piece of info. I am glad that you just shared this helpful info with us. Please stay us informed like this. Thank you for sharing.
Woah! I’m really enjoying the template/theme of this site. It’s simple, yet effective. A lot of times it’s very hard to get that “perfect balance” between user friendliness and visual appearance. I must say you have done a very good job with this. Also, the blog loads extremely quick for me on Safari. Exceptional Blog!
Thanks for the sensible critique. Me and my neighbor were just preparing to do some research about this. We got a grab a book from our local library but I think I learned more from this post. I’m very glad to see such fantastic information being shared freely out there.
You made some decent factors there. I regarded on the internet for the issue and found most individuals will go along with with your website.
Thank you for helping out, great info. “Riches cover a multitude of woes.” by Menander.
Do you mind if I quote a few of your articles as long as I provide credit and sources back to your webpage? My website is in the very same area of interest as yours and my visitors would definitely benefit from a lot of the information you provide here. Please let me know if this okay with you. Thanks!
I will immediately grab your rss feed as I can’t find your e-mail subscription link or newsletter service. Do you’ve any? Please allow me understand in order that I may subscribe. Thanks.
I like the helpful info you provide in your articles. I’ll bookmark your blog and check again here frequently. I’m quite sure I’ll learn many new stuff right here! Best of luck for the next!
I really like assembling useful information , this post has got me even more info! .
I like this site so much, saved to my bookmarks. “Nostalgia isn’t what it used to be.” by Peter De Vries.
I’ve read some good stuff here. Definitely value bookmarking for revisiting. I wonder how a lot effort you place to create this kind of fantastic informative web site.
Pretty! This was a really wonderful post. Thank you for your provided information.
I think other website owners should take this site as an model, very clean and good user pleasant design and style.
I saw a lot of website but I think this one holds something special in it in it
Hey, you used to write excellent, but the last few posts have been kinda boringK I miss your great writings. Past several posts are just a little out of track! come on!
What Is Sugar Defender? Sugar Defender is a natural blood sugar support formula created by Tom Green. It is based on scientific breakthroughs and clinical studies.
What Is Puravive? Puravive is a weight loss supplement that works to treat obesity by speeding up metabolism and fat-burning naturally.
What Is Puravive? Before we delve into the various facets of the supplement, let’s start with the most important
You can certainly see your enthusiasm in the work you write. The world hopes for more passionate writers like you who are not afraid to say how they believe. Always go after your heart.
I got good info from your blog
I believe other website owners should take this web site as an model, very clean and excellent user genial pattern.
Sumatra Slim Belly Tonic primarily focuses on burning and eliminating belly fat.
FlowForce Max is a 100 natural dietary supplement created to promote male health.
Renew is a nutritional supplement that activates your metabolism and promotes healthy sleep.
Good day very cool site!! Guy .. Excellent .. Superb .. I will bookmark your website and take the feeds additionally…I’m happy to find so many helpful information here within the put up, we want develop extra strategies in this regard, thank you for sharing. . . . . .
Some genuinely interesting information, well written and broadly speaking user pleasant.
I have recently started a site, the information you offer on this website has helped me tremendously. Thank you for all of your time & work.
I’ll immediately grab your rss feed as I can not find your email subscription link or newsletter service. Do you’ve any? Kindly let me know in order that I could subscribe. Thanks.
After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.
Thanks for sharing superb informations. Your web site is very cool. I am impressed by the details that you have on this blog. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for more articles. You, my pal, ROCK! I found simply the info I already searched everywhere and simply could not come across. What an ideal web-site.
DentiCore is a gum health support formula designed to help users remove dental health problems like bad breath, cavities, tooth decay, etc.
I intended to send you this little bit of remark to give thanks as before relating to the awesome principles you’ve provided on this website. It has been quite wonderfully open-handed with people like you to grant unreservedly all some people would’ve advertised as an e book to get some cash on their own, principally now that you might have tried it if you considered necessary. Those things as well acted like a fantastic way to fully grasp that someone else have the same fervor the same as my very own to understand a great deal more when considering this matter. I think there are many more enjoyable instances up front for folks who check out your blog post.
Woh I love your blog posts, bookmarked! .
Greetings! Very helpful advice on this article! It is the little changes that make the biggest changes. Thanks a lot for sharing!
I got what you mean ,saved to favorites, very decent website .
Have you ever thought about writing an e-book or guest authoring on other sites? I have a blog based upon on the same subjects you discuss and would really like to have you share some stories/information. I know my visitors would enjoy your work. If you are even remotely interested, feel free to send me an e-mail.
About Blue Tonic Weight Loss Drink Recipe:The Blue Tonic Weight Loss Drink Recipe is more than just a beverage; it’s a potent blend of carefully selected ingredients designed to support your weight loss journey.
What Is Sumatra Slim Belly Tonic? Sumatra Slim Belly Tonic is a weight management formula that is said to eliminate excess body fat naturally.
I got what you intend,bookmarked, very nice web site.
Hey there! Do you know if they make any plugins to help with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good success. If you know of any please share. Cheers!
Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You obviously know what youre talking about, why throw away your intelligence on just posting videos to your site when you could be giving us something informative to read?
Wonderful work! That is the type of information that should be shared around the internet. Disgrace on the search engines for not positioning this put up upper! Come on over and talk over with my web site . Thanks =)
I like what you guys are up also. Such intelligent work and reporting! Carry on the excellent works guys I have incorporated you guys to my blogroll. I think it will improve the value of my web site 🙂
Wow! Thank you! I always needed to write on my blog something like that. Can I include a part of your post to my website?
Heya i am for the first time here. I came across this board and I find It truly useful & it helped me out much. I hope to give something back and help others like you aided me.
Very great info can be found on website.
Useful information. Fortunate me I discovered your site accidentally, and I am surprised why this coincidence did not happened earlier! I bookmarked it.
You have mentioned very interesting points! ps nice website .
Sweet blog! I found it while browsing on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thanks
Hey there! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing a few months of hard work due to no back up. Do you have any methods to protect against hackers?
I?¦ve read a few just right stuff here. Definitely worth bookmarking for revisiting. I wonder how so much effort you set to create such a magnificent informative website.
Lottery Defeater Software: What is it? Lottery Defeater Software is a completely automated plug-and-play lottery-winning software. The Lottery Defeater software was developed by Kenneth.
What is Lottery Defeater Software? Lottery Defeater Software is a plug-and-play Lottery Winning Software that is fully automated. Kenneth created the Lottery Defeater software. Every time someone plays the lottery, it increases their odds of winning by around 98.
I just like the helpful information you supply in your articles. I’ll bookmark your weblog and check once more here frequently. I am reasonably certain I will be told lots of new stuff right here! Best of luck for the next!
Great write-up, I am normal visitor of one’s site, maintain up the nice operate, and It’s going to be a regular visitor for a lengthy time.
Hmm is anyone else encountering problems with the pictures on this blog loading? I’m trying to figure out if its a problem on my end or if it’s the blog. Any feed-back would be greatly appreciated.
What Is Java Burn? Java Burn is a natural health supplement that is formulated using clinically backed ingredients that promote healthy weight loss.
What i don’t understood is in truth how you are no longer really a lot more neatly-appreciated than you might be now. You’re so intelligent. You realize therefore considerably in the case of this subject, produced me individually consider it from a lot of numerous angles. Its like men and women don’t seem to be involved except it?¦s one thing to do with Lady gaga! Your own stuffs outstanding. At all times deal with it up!
great publish, very informative. I’m wondering why the other experts of this sector don’t understand this. You must proceed your writing. I’m confident, you have a great readers’ base already!
My brother suggested I would possibly like this website. He used to be totally right. This submit actually made my day. You can not believe just how much time I had spent for this information! Thanks!
Thanks for sharing superb informations. Your site is very cool. I am impressed by the details that you have on this site. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for more articles. You, my friend, ROCK! I found just the info I already searched all over the place and just could not come across. What a perfect site.
Fantastic post however , I was wanting to know if you could write a litte more on this topic? I’d be very grateful if you could elaborate a little bit further. Bless you!
This design is steller! You obviously know how to keep a reader amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job. I really loved what you had to say, and more than that, how you presented it. Too cool!
I am glad to be a visitor of this thoroughgoing weblog! , thanks for this rare info ! .
Hello my friend! I wish to say that this post is awesome, great written and include approximately all important infos. I would like to see more posts like this.
I have not checked in here for some time since I thought it was getting boring, but the last few posts are good quality so I guess I¦ll add you back to my daily bloglist. You deserve it my friend 🙂
It is actually a nice and useful piece of information. I am satisfied that you shared this helpful info with us. Please keep us up to date like this. Thanks for sharing.
Hi my friend! I want to say that this article is awesome, nice written and include almost all significant infos. I would like to look extra posts like this .
Would you be concerned about exchanging links?
Good day! This is kind of off topic but I need some guidance from an established blog. Is it hard to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to begin. Do you have any tips or suggestions? Thanks
I am glad to be a visitant of this consummate blog! , thanks for this rare info ! .
I’m really enjoying the theme/design of your blog. Do you ever run into any internet browser compatibility problems? A small number of my blog readers have complained about my blog not operating correctly in Explorer but looks great in Opera. Do you have any advice to help fix this problem?
Dead indited content material, Really enjoyed reading.
Thank you for another excellent article. Where else could anybody get that type of information in such a perfect way of writing? I’ve a presentation next week, and I’m on the look for such information.
I carry on listening to the news update talk about receiving free online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i acquire some?
Great remarkable issues here. I am very happy to peer your post. Thank you a lot and i’m taking a look ahead to touch you. Will you please drop me a e-mail?
Hello.This post was extremely fascinating, particularly since I was searching for thoughts on this matter last Wednesday.
Hello.This article was really remarkable, particularly because I was investigating for thoughts on this topic last Wednesday.
An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!
Does your site have a contact page? I’m having trouble locating it but, I’d like to shoot you an e-mail. I’ve got some creative ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it grow over time.
I like this site very much so much great info .
I’m impressed, I need to say. Really hardly ever do I encounter a blog that’s both educative and entertaining, and let me let you know, you’ve gotten hit the nail on the head. Your concept is outstanding; the issue is something that not sufficient persons are speaking intelligently about. I’m very glad that I stumbled across this in my search for something referring to this.
Good