News Get Ready To Pay More- Luxury tax and Krishi kalyan

[IndianMascot]

A more better and nice explanation given by an expert here :

How would a common man be benefited by the introduction of the GST (Goods and Service Tax) in India? - Quora

 

[Aviral Sangal]

Right now I am paying 12.5% excise and 12.5% vat on products being bought for my business.
What will happen to custom duty will it come down as well?

 

[IndianMascot]

Let's see if we have any expert to answer this.

 

[Prateek Marwadi]

Right now I am paying 12.5% excise and 12.5% vat on products being bought for my business.
What will happen to custom duty will it come down as well?

afaik, after gst all these taxes will be eliminated.
the only problem for passing GST is the fcuking congress.

Congress wants lower GST but BJP wants Higher GST in percentage terms.

In my opinion, the more the percentage of GST, the more the economy would be benefited.

 

[Prateek Marwadi]

IndianMascot bhai ji - in ur example GST is being taken as just 16 % that is y the scenario is changed now.

But GST would be @ 22 %. if u calculate with > 20 % then the whole equation would be changed.

 

[scorpionking76]

Right now I am paying 12.5% excise and 12.5% vat on products being bought for my business.
What will happen to custom duty will it come down as well?

Post introduction of GST, all indirect taxes will be eliminated. There won't be tax on tax.

Cost of the product + GST @16 or 15% = Cost of goods sold.

 

[IndianMascot]

IndianMascot bhai ji - in ur example GST is being taken as just 16 % that is y the scenario is changed now.

But GST would be @ 22 %. if u calculate with > 20 % then the whole equation would be changed.

Yeah bro i think that's a two year old scenario and calculation.

 

[Prateek Marwadi]

Post introduction of GST, all indirect taxes will be eliminated. There won't be tax on tax.

Cost of the product + GST @16 or 15% = Cost of goods sold.

at present also we do not pay tax on tax.
a cost or an amount cannot be taxed twice.

 

[bhaskarkilli]

After bjp came we only paying tax nothing is reflected after they came.

 

[Technoglitch]

If GST introduced, then no benefits for state govt?

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