Goods and Service Tax will finally be implemented starting July 1 and everybody is busy sharing opinions on this new tax changes that will hugely affect the lives of most taxpayers and businesses. The GST roll-out is hoping to bring about positive change and boost the economic growth and tax earnings of the central government. The unified taxing system will help in parting ways with various taxes like octroi, excise duty, etc. Telly Celebs like Shubhangi Atre, Niti Taylor, Sara Khan and others shared their thoughts on the GST implementation in India. New Rules Implementing From July 1 Make incometaxindiaefiling.gov.in, gst.gov.in and nsdlgsp.co.in The Most Important Websites for Taxpayers and Businesses.
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It has been termed a potential game changer, the single biggest tax reform undertaken by India in 70 years of independence, the government says is founded on the concept of “one nation, one market, one tax. The moment, which India has waited for more than a decade, is finally beckoning. On 1 July, a single indirect tax regime will kick into force in Asia’s third largest economy, dismantling inter-state barriers to trade in goods and services. Television Celebrities talk about the hope advantages of GST in their daily lives. GST in India: How to Register at gst.gov.in portal, Documents required and Important dates to remember for Tax payers. Also Read - Bharat Bandh Today Against GST, Petrol Price Hike, E-way Bill: What to Remain Shut, What’s Not | All You Need to Know
Kunal Jaisingh: GST is a destination-based tax. Currently, the central government levies excise duty on the manufacture, and then the state adds VAT (Value Added tax) when the item is sold to the next stage in the cycle. Ideally like all other advanced countries, we should have got one GST but if not now we moving ahead to better future and hope to have it in comming years. Also Read - Bharat Bandh on 26 February 2021: Over 8 Crore Traders to Protest Against GST, Fuel Price Hike and E-Way Bill
Shubhangi Atre: GST will bring in a simpler tax regime with fewer exemptions, reduce multiplicity of taxes, reduce compliance costs, no multiple record keeping for a variety of taxes, usher in simplified and automated procedures for various processes such as registration, returns, refunds and tax payments. All interaction needs to be through the common GSTN portal like developed countries.
Niti Taylor: GST could also boost exports by making Indian goods competitive in global markets. Exports will be treated as zero rated supplies which means no tax will be payable on exports of goods or services. However, exporters can claim input tax credit.
Akshay Mhatre: Goods and Services Tax is seen boosting India’s GDP or gross domestic product growth by 1.5-2 per cent over the long term. GST will deliver significant benefits by improved taxation efficiency and ease of doing business, and will convert India into one common market, so it does will bring major development in India. GST Effect: Jokes and Memes on Goods & Service Tax take over WhatsApp, Facebook & Twitter before date of implementation.
Sara Khan: I am happy that Once GST is implemented, consumers will not be subjected to the burden of double taxation; which mean that all taxes will be levied at the times of purchase will include both the central government’s taxes as well as the state government’s taxes. The move would deter state governments from indiscriminately increasing taxes. I’m sure we will be benefited.
Devoleena Bhattacharjee: I am happy about government introducing GST because eventually an idea that you believe is good for the Indian economy is going to roll out!
Manish Goplani: In the current regime, tax rates vary from state to state. So companies often choose warehouses for their inventory based on tax considerations. Under GST, the country will move to ‘One Nation, One Tax’ regime, giving companies freedom to set up their own warehouses to optimise cost and improve customer service.
Mahika Sharma: Analysts say that GST will usher in a more stable tax regime. The real value of GST will be in the area of tax governance, where a system plagued with a plethora of discretionary, ad-hoc taxes will move toward a ruled-based, transparent and stable tax regime. Under GST, the Centre and the states will jointly administer and decide the taxes. So I personally trust our Indian Government and sure Indian future will be bright.
Tanya Sharma: I am happy that Indian Government is thinking about a better India introducing GST. As it will replace at least 17 state taxes that would make taxation of goods and services far simpler than the current system. GST would enable goods to be taxed at the point of consumption rather than production thus avoiding double taxation.
Amrapali Gupta: GST is good idea! It brings hope for a better future. Under the new taxation regime fruits, vegetables, pulses, wheat, bread and rice are exempted from taxation even as chips, biscuits, butter, tea and coffee are attracting higher taxes. So, that will bring a positive chage in our health too!
Parineeta Borthakur: GST is a good start. Like the other developed nations I too prefer a single GST rate instead of having too many complicated rates. It’s simple and easy! The only problem I feel is that the GST rate here is higher than other developed countries.
Manu Punjabi: GST is very good Idea rolled out by Indian Government. Other developed countries are enjoying it. From the consumer’s point of view, the biggest advantage would be in terms of reduction in overall tax burden on goods. For businesses, it means reduction in a multiplicity of taxes and a much simpler tax regime with fewer rates and exemptions.
Yash Sinha: Life is hope to get simpler for Indians as GST will replace 17 indirect tax levies and compliance costs will fall.
Mahip Marwah: I’m happy and thanks to Indian Government, for our country will finally implement the Goods and Service tax from July 1, the GST will help remove tax barriers between states, creating a single market. The roll-out will replace a plethora of cascading central, state, interstate and local taxes with a single, nationwide, value-added tax on goods and services.
Mitali Nag: Manufacturing in India will get more competitive as GST addresses cascading of tax, inter-state tax, high logistics costs and fragmented market. Increased protection from imports as GST provides for appropriate countervailing duty. Hope for a better and developed India.