The goods and service tax is a new taxation system which will unify all the taxes levied on various products and services.
The GST is the taxation system which will soon be implemented in India.
Q. But why should I care about that stupid curry pit for street shitting beggars?
A. You don't need to.
Unless, you're interest in a huge market for investment.
K
Q. Over 150+ counties have similar systems. What's so special about India?
A. Right now, only Canada has the 'dual GST' system. This is the system that India will implement with some mods.
The country has a (fucking insane!) lot of population with a lot of small scale businesses.
This system will improve the tax collection and is a step towards removing the black money problems.
Q. Why is the my take writer concerned?
A. Because I have plans for business. I must know the stuff.
In short, THIS
will become
THIS
The GST bill has been passed by he Parliament.
How exactly does it work?
There are a lot of shitty taxes like,
Central Excise Duty
Service Tax
Countervailing Duty
Special Countervailing Duty
Value Added Tax (VAT)
Central Sales Tax (CST)
Octroi
Entertainment Tax
Entry Tax
Purchase Tax
Luxury Tax
Advertisement taxes
Taxes applicable on lotteries
GST shall unify these taxes.
You don't need to pay the tax to multiple scumbags.
Transactions made within a single state will be levied with Central GST by the Central Government and State GST by the government of that state. For inter-state transactions and imported goods or services, an Integrated GST is levied by the Central Government. GST is a consumption based tax, therefore, taxes are paid to the state which the goods or services are consumed not the state in which they were produced. IGST simplifies tax collection for State Governments by enabling them to collect the tax owed to them directly from the Central Government.
Who will collect the tax?
The Central govt. and the State govt. ,
both will simultaneously levy it on the common tax base.
For the collection of taxes,
Goods and Services Tax Network (GSTN),
a nonprofit organisation will provide a platform for all the concerned parties namely, the stakeholders, government and the taxpayers to collaborate on a single portal. The portal will be accessible to the central government which will track down every transaction on its end while the taxpayers will be having a vast service to return file their taxes and maintain the details.
Effects
Many will gain, some will lose.
Critics argue that GST will increase the price for subjects like real estate.
But overall GST is expected to have very positive effect.
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