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WHAT IS THE NEW POLICIES(GST)? | 2017

India is going to perform a revolutionary change is their taxation system India going to implement GST (Goods and Services Tax). The Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionize the way we do our taxes.

Lets talk about  WHAT IS THE NEW POLICIES(GST)?

India is known for its complex tax system. For new businesses and startups, it becomes impossible to navigate through various direct and indirect taxes. Constant changes to taxes like Service Tax are making things even more and more complex. But now, the things are going to be change with new Goods and service tax – commonly known as GST.

Lets understand what is GST, how it is different from other taxes, GST applicability, GST rates, its impact on your business and latest updates about GST bill. To make things easy to understand, I will start with an example. If you want to buy anything from market it will compose of lots of different taxes like service tax , value added tax(VAT) ,CST(central service tax) etc. now GST will combine all these taxes into one category

There are different aspect will be show on difernet item after GST.

The GST is governed by GST Council and its Chairman is Union Finance Minister of India – Arun Jaitley. Under GST, goods and services will be taxed at the following rates, 0%, 5%, 12%, 18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. There will be additional cess on sin goods like cigarettes.

 

The following taxes will be bound together by the GST:

  • Central Excise Duty
  • Service Tax
  • Commercial Tax
  • Value Added Tax (VAT)
  • Food Tax
  • Central Sales Tax (CST)
  • Octroi
  • Entertainment Tax
  • Entry Tax
  • Purchase Tax
  • Luxury Tax
  • Advertisement taxes
  • Taxes applicable on lotteries

The main question arises in our mind when we think about GST is What items will become costlier and which will become cheaper.

According to experts, these items could become costlier:

  • Commercial vehicles such as trucks will become costlier.
  • Mobile phone calls may get costlier as service tax will go up.
  • Cigarette prices is going to be hike as GST rate for tobacco will be higher than current duties.
  • Textile and branded jewellery may become costlier

And these could become cheaper:

  • Auto: Prices of entry-level cars, two-wheelers, SUVs may fall
  • Car batteries likely to get cheaper.
  • Paint, cement prices likely to fall
  • Movie ticket prices likely to fall as entertainment tax will come down
  • Electronics items like fans, lighting, water heaters, air coolers, etc. will get cheaper
  • Paint, cement prices likely to fall

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