GST and it's impact on India , 2k17
GST also known as (Goods & Service Tax) has been brought up by our Respected Prime Minister Narendra Modi to initiate one tax structure in our Economy and finish all 17 kinds of tax that we used to pay for different services all over.
It's a matter of Upliftment of Our Country where we are imposing overall one Tax that will be circulated around the cities and states whether it might be manufacturers , retailers, businessmen or ministers this tax rate will be remain equally liable for all.
India where the new laws regarding tax has been raised from 1st July , 2017. This will bring a great change in the working environment and regular check on the tax rate in order to initiate proper and secured healthy establishment of various agricultural & industrial sectors and also increase in exports of goods & services to other countries.
Hence, it will further bring a great transformative change in removing unnecessary burden of taxes that one has to pay at availing different services.There will be clear and precise value of product or service and people are meant to be aware of their common tax goals , no one can take due advantage of any other person regarding extra money payment.
Certain Benefits it will bring in India :
(A). For People of India who are unaware of various tax structure and has to pay different taxes to prevail different services .
Now, he/she can know the actual tax slab rate , i.e. (0% on daily food items, 5% on packed food items, 12% on entertainment and business class services , 18% on classy hotels and other tour services and 28% on all luxury items) ,
(B) For Entrepreneurs who want to start their business where he/she who is starting their business below Rs 20Lakh below has not to pay the tax as implemneted under GST and for above it has to follow the above tax system.
(C) For Farmers who were unaware of their previlage rights they have certain benefits for increasement of their land and crops value and correct value of their products , to gain correct information and pay less tax .
(D) For India itself to increase exports to other countries, increase of IT Technology and use of it to circulate this GST among various people, to increase the economy of our Country.
(E) One who is willing buy cars has also great advantage of buying luxury cars for which tax rate is low and for low priced cars taxes to be paid is high, which is going to benefit the automobile industries to make high specified cars for people to buy at normal or little reasonable price than their actual costs.
Hence, it is to be ensured that GST will lead country to a new direction and further creating equal judgement for all people of India to be aware of their rights, responsibilities and to support Country with Wise actions.
" Jai Hind , Jai Bharat ."
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