GST will Change the Economy Condition of India
It will be a beneficial outcome after 70 years for Indians because on 1 July 2017, Indian rule has passed the GST bill in parliament. There are more than 150 countries already accepted GST. This is the time for India to maintain its economic condition. GST is a system of tax, with this people and traders, will remain from more than 18 types of taxes. There are four types of tax rates. These are 5%, 12%, 18%, and 28%. The most eatable material will be remaining under GST (goods and services tax) as like Milk, fresh vegetables, fruits, bread, basmati rice, flour, juices. And the rates of electricity won’t change under GST.
Here is a list of some products and services. The rate of these things will grow after GST.
cold drinks, chewing gum, chocolate, shampoo, face cream, television, fridge, air conditioner, washing machine, furniture, watches, banking services, leasing of cars, professional services, advertising services, telecom services, cleaning services, beauty parlour services, security services, maintenance services, legal services, courier services, edible oil, aluminium foil, packaged chicken, butter, gold.
Besides this, people also will get benefit in the regard of some items because the rate of some another thing will be reduced as like corn flakes, toothpaste, soap, hair oil, ice cream, cheese, packaged tea and coffee, flour (packed & branded), packed cheese, spice, sweets, packed curd, economy class air travel etc.
After GST, the rate of things and services will be equal in the whole of India. The main purpose of launching GST in India is to stop tax stealing. It will be fruitless for those merchants who are saving tax. From first July 2017, India will be called in the form of a market, and the security of the Indian market will be strong. This is only one man and one tax in India today. Under GST the tax will be taken in three forms. These are CGST, SGST, and integrate GST. The meaning of CGST is central goods and services tax. The Central government will work under this scheme and the state government will work under the scheme SGST (state goods and services tax). Integrate GST will work where the trading will happen between two states.
You will have to careful in some matters. Otherwise, it may become the cause of jail and fine, if someone does not pay full tax, he will be punished by ten thousand rupees and a 10% fine will be imposed on the remaining tax. If somebody is caught while tax stealing, he might be sent to jail for five years. Do not tell wrong information to officials. Otherwise, it can become also a cause of punishment.
Key Words: GST, goods and services tax, CGST, SGST, and integrate GST