What is GST and why it matters to you

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The government is set to introduce a bill in parliament to amend the constitution to pave the way for the introduction of the goods and services tax (GST), a levy that was to have been in place five years ago. Here we take a look at what this much-anticipated indirect tax reform is all about and why you should care.

20 Replies to “What is GST and why it matters to you”

  1. NARAYON BHATTACHARYA says:

    CAN YOU PROVIDE DETAILS SYNOPSIS OF GST AND ITS CALCULATION AND IMPEMENTATION , HOW MUCH BURDEN / RELEASE FROM THE CONSUMER / LAST ENDED

  2. Please update all GST draft rule

  3. Amit Pal says:

    What is GST Please Tell me about GST Breifly

    1. Adarsh says:

      I want to know gst will one point tax or every point tax like vat

  4. B Velumani says:

    Please update draft rules and procedures

  5. iam manfucture at maharashtr if ihave market at gujrat so gujrat gst ragistration is nesesary

  6. SyamaprasadMenon says:

    With the roll out of GST the traders will have to submit separate monthly returns to the commercial taxes authorities and the excise authorities of the state. I am pretty ashamed to mention both the departments are already corruption ridden and the stakeholders will have a tough time. Whatever transparency the GST is supposed to bring will get drowned. Therefore, can we have one authority per state to deal with the GST

  7. RISHABH JAIN says:

    what changes are about to come after goods and servises tax in uttar pradesh from the point of view of an accountant.

    1. Jignesh Yagnik says:

      I understand that the question is related to Accountant of UP.

      UP (or for that matter high consuming / low producing state) has habit to buy most of the material on CST or Stock transfer basis. As a result, he does not have habit of tax at input levels. All the tax is collected by him while selling and paid to Government while he files return.

      Now, IGST shall also get input tax credit. He needs to meticulously maintain all his input bills alongwith IGST details. He needs to change is thinking from “Collect VAT from customer and pay to Government” to “Take credit from Government on IGST while filing return” at the month end.

      To make it simple, his VAT shall become pre-paid from post-paid.

      1. Admin says:

        Thanks for your views

  8. B, RAMA KRISHNA RAO says:

    GST is going to burden the consumer heavily. The taxes are going to go up and finally the consumer has to pay. The state and central government wants more and more from the common man and hence this GST. They are talking of a minimum GST of 18 to 20 percent or even more. At present there are more than 50% of the items whose total tax structure is around 12 to 13%. Who is going to pay the additional 5 to 7%. The answer is the consumer. Because of the high tax structure number two business is going to happen and more tax evasion is going to take place. The traders are going to get affected as the small and marginal traders has to handle/bride state and central government agencies. At present 95% of the traders has to handle only state government bodies,GST is going to be useless for the common man and traders. The state and central government bodies are going get benefited and to some extent manufacturers. It is better it is delayed the common man is spared.

  9. Gopal Mittal says:

    For the effective tax compliance, it should be simple to comply with and the rate also should be within reasonable limit. If the rates are too high, it will result in tax evasion.

    There are many examples such as telecom where individual user will not get the credit of taxes paid weather its service tax or GST, additional imposition of tax over current rates, will be burden of consumer and also will be a hindrance for the growth of our economy.

    Under GST, cases of dual taxes should be addressed and rate also need to be decided after proper consultation with trade chambers and industry.

    At present POTR also seems to be a big challenge to resolve .

  10. Annu Vishwakarma says:

    GST ; what is the impact of gst on manufacuturer like those who are paying excise duty, e.g whether after gst the concept of excise duty will remain existing as the burden is on consumer.
    want to know the whole impact of gst . pls provide details.

    1. Jignesh Yagnik says:

      Excise duty shall be subsumed in GST. Total incidence of tax shall be to an extent of Excise + VAT only. If slab is not changed, the total impact shall remain the same.

      However, there is conceptual change. Impact of incidence of excise is at factory gate. Now, all tax are unified and as a result, impact of incidence shall be alongwith erstwhile VAT.

  11. Mainak Chakraborty says:

    Obviously introduction of GST will simply the tax system and its tracking. However, the proposed rate @ 18-20% with additional 1% for next 2 years to some state will be an extra burden on consumer. In developed countries GST is 10%.

    1. Jignesh Yagnik says:

      1% OT or Origin Tax is spoil sport. Otherwise, GST is aggregation of all existing taxes.

  12. Firoz says:

    I am not member of bjp.but do not like congress for not passing GST BILL which would have helped India as a nation.Dirty Politics from Congress&Sonia.

  13. jignesh patel says:

    Best system in India gst

  14. Bhupendra patel says:

    Gst lago karna ek good think hai

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