HOW WILL GST BENEFIT COMMON PEOPLE
Posted by taxguru on July 6th, 2017
This post will be all about how GST will be benefitting to common people? What are the pros & cons of GST? What impact it’s going to create once it will be implemented?
GST or goods & services tax term is being selling like hotcakes since past few months. So we need to see whether we are well aware of the concept of GST or not. GST is already introduced & passed in Rajya Sabha & has also the consent of the President; GST is taking up shape to come in real form in anytime now. Though many countries around the world have already introduced GST in their economic structure & India will fall into that list in no time now. GST is a kind of umbrella term which will include all indirect taxes but at a uniform rate. A single GST will now replace taxes like VAT, CAD or CST or any other kind of service taxes. There will be mainly 5 slab rates for GST i.e. 0%, 5%, 12%, 18% & 28%. According to GST 5% will be levied on products like packaged salt & other spices whereas food grains will remain out of the taxation. Whereas commonly used products such as toothpaste, soaps & others will have a tax rate between 12-18%. Products like air conditioner, washing machines will have tax rates of 28%. Luxury good will have the highest taxation rate of 28% with some additional rate imposed on it. Products like tobacco, aerated drinks, alcohol have been kept out of GST preview.
PLUS POINTS OF GST
NEGATIVE POINTS OF GST
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