After long wait Goods and Service Tax is taking some concrete shape. GST council has been formed. Dual control- center and state to end. also no dual returns. Decided that traders below Rs. 20 lakh turnover will be outside GST limit. Rate yet to be decided.
A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before.
The GST will cut down large number of taxes imposed by the Central Government. It goes without saying that it leads to creation of Unified Markets. Other benefits of GST are exports will increase. However, Its a good step taken by the Central Government, Further, GST will give more money to under- developed States
usha manohar wrote:A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before.
Level of corruption also come down with increased of efficiency level.
anil wrote:usha manohar wrote:A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before.
Level of corruption also come down with increased of efficiency level.
On the whole, it's a people friendly measure. Already Lok Sabhapassed it. Now the Rajya Sabha has to pass.
rambabu wrote:anil wrote:usha manohar wrote:A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before.
Level of corruption also come down with increased of efficiency level.
On the whole, it's a people friendly measure. Already Lok Sabhapassed it. Now the Rajya Sabha has to pass.
Rajya Sabha passed it.
rambabu wrote:anil wrote:usha manohar wrote:A step in the right direction which has been hailed by most economists ..There is a lot happening in financial circles, a tightening of the economy to plug black money which are very good initiatives by the present day gvt. The general opinion is that the efficiency levels have increased tenfold compared to what it was before.
Level of corruption also come down with increased of efficiency level.
On the whole, it's a people friendly measure. Already Lok Sabhapassed it. Now the Rajya Sabha has to pass.
The bill is already passed by Rajya Sabha and has got President's assent. Most states have also endorsed the bill. GST council has been formed. This thread has been started only after these developments.
Members please wake up- you are looking at just one face of the coin but the fact is the service tax will go up (the rate is unknown yet) which is applicable on most items. The over all result will benefit the governments but the people in general will have to pay more on most items.
I guess in a global economy where export and imports from other nations is very much a part, the international atmosphere would a factor that determines the prices like it keeps fluctuating with oil products. But that would be the same for all states . As of now I see in Karnataka we pay around Rs67-68 per liter of petrol whereas in Goa it is around Rs57-58 ..This large discrepency would be put to an end effectively .
Indirectly they all come under GST..
People are paying more indirectly than they are paying directly. In UP government charges a hefty some from electric consumers even if they do not use a single unit for years. They charge large amount in the name of load charges and different taxes. I paid close to 10,000 Rs in advance to avoid disconnection when I was not here in India. I will have to do it again come December during my next outing.
suni51 wrote:People are paying more indirectly than they are paying directly. In UP government charges a hefty some from electric consumers even if they do not use a single unit for years. They charge large amount in the name of load charges and different taxes. I paid close to 10,000 Rs in advance to avoid disconnection when I was not here in India. I will have to do it again come December during my next outing.
This is the norm in all states. Here in Karnataka too you need to pay the minimum amount if you have a electric meter regardless of the fact whether you use it or not. You also have the option of requesting them to temporarily disconnect the connection if you go away for a few months and later ask them to reconnect, in which case you need not pay anything.
suni51 wrote:Members please wake up- you are looking at just one face of the coin but the fact is the service tax will go up (the rate is unknown yet) which is applicable on most items. The over all result will benefit the governments but the people in general will have to pay more on most items.
Yes it is right that for one or two years people will pay some more but there after overall price will be come down. At present taxes on petrol and diseal is less in Punjab and Haryana, so people of my city like to buy there from these states. Resultant government in loosing taxes and it also encourage smugling. It is example.
@gkajmani
