GST was imposed on midnight of 1st July 2017 which is considered as reform and is also called an as
#GSTdoosriazaadi by BJP. India is a country which has all types of people and also of all strata (Rich, Middle Class and even lower middle class and even poor) so the government's view of this GST is "
One Tax One Nation ".
We all know that there are some tax slabs which are
0%, 5%, 12%, 18%, 2, % and these slabs are for different items which are classified and are different for every product, Sarcastically if India was full of taxes earlier then also India comprises of many people who lack knowledge, as we switch across channels or even we personally visit people, we will find many people who don't even know what GST is but still, they are against this regime.
Sarcastically now we don't have as many taxes but we still have such people who are meant just to criticize knowledge for them doesn't matter, what matter to them is criticism.
Many Businesses are worried and are unhappy with this step but the best thing that government has done is that businesses with turnover of 20 Lakh or less do not have to register on the
GST portal or GSTN ( Good & Services Tax Network) and Businesses with turnover of 75 lakh have to register on
GSTN and if they are manufacturing units they have to pay 2% Tax and if they are Trading they have to pay Only 1% Tax and all the rest
GST is on the consumer and not the traders or manufacturers, this is for everyone no matter how much a business earns except 20 Lakh or less as mentioned before. and also government will even bring down the GST in some cases if required as the GST for fertilizers was brought down from 12% to 5% so if the government feels they will bring them down.
If we look the pattern & trend, a lot of people who are protesting and are against GST will be in favor of the same GST in a matter of time, this also happened when demonetisation took place.
At the time of note ban, everyone protested and said that it will have a bad impact on the economy and some parties also said that it will have a very bad political impact on the party itself but nothing that sought happened. Recently According to a report in Economic Times, "I
ndians' money in Swiss banks hits record low of 676 million francs" ( earlier figures were double )
Just think this type of news is coming after demonetization, so doesn't this mean that demonetization had an impact?
If we look GST, its effect will be seen in the long term and will surely effect people of the country and will also affect government, Yes, this means more money to the government but that government will then use it for the development of the country. But that will only happen if the governments in the future keep the GST flow efficient and effective.
As this GST Launched most small businesses are against this GST just with a silly reason of accessibility and connectivity and also cost of Softwares, So here is what the CEO of GSTN Prakash Kumar said on this
"if People don't have any problem in uploading and downloading Whatsapp video which is entirely through the Internet then why do they have problem in using GSTN and paying taxes, people also pay other taxes online then why can't they pay GST Online which is a much simpler process than any other Tax Systems and is also automated. he also said that a 70000 Lines of Excel data is just 5MB which is equivalent to a 1Min Whatsapp Video so if a user can download that video then why can't a user upload that return to the software ?" He even said that the process is so simplified that the user has to file the return only once on the software and rest all the returns will be automatically generated based on the GSTN Number provided to the user or taxpayers.
The taxpayers (
Mentioned in Question 1 ) can register on the
GSTN ( All the registration and awareness websites of GST are given at the end of the question and answer session)
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Now as this Network is just launched so here are some questions which will make the concept clearer Kindly read this:
1. Who is an existing taxpayer?
An existing taxpayer is an entity currently registered under any State or Central laws, like Value Added Tax Act, Central Excise Act, and Service Tax Act.
Existing taxpayers include taxpayers already registered under:-
2. What does the word ‘enrolment’ under the GST Common Portal mean?
Enrolment under GST means validating the data of existing taxpayers and filling up the remaining key fields by the taxpayer in the Enrolment Application at the GST Common Portal.
3. Do I need to enroll for GST?
All existing taxpayers registered under any of the Acts as specified in Question 1 will be transitioned to GST. The enrolment for GST will ensure a smooth transition to the GST regime. The data available with various tax authorities is incomplete and thus fresh enrolment has been planned. Also, this will ensure the latest data of taxpayers is available in the GST database without any recourse to amendment process, which is the norm to update the data under tax statutes today.
4. Why do I need to enroll myself as a taxpayer on the GST Common Portal?
The GST Common Portal has been made available to enable taxpayers to enroll with GST. Paper-based enrollment option is NOT available.
The GST Common Portal will enable taxpayers to meet the GST compliance requirement like filing a return and making a tax payment. Using the Portal requires existing taxpayers to enroll.
5. Who is not liable to register under GST?
The following persons shall not be liable to register, namely:
(a) any person engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax under this Act or under the Integrated Goods and Services Tax Act;
(b) an agriculturist, to the extent of supply of produce out of cultivation of land.
(2) The Government may, on the recommendations of the Council, by notification, specify the category of persons who may be exempted from obtaining registration under this Act.
6. Are existing taxpayers required to enroll separately with Central and State authorities under GST?
No, any existing taxpayer who wants to seek enrolment under the GST Act needs to apply at the GST Common Portal. Enrollment under the GST is common for both Central GST and the State GST. There will be common registration, common return and common Challan for Central and State GST.
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Know more about GST here
Some General GST Rates are here:
Apart from these images the full detailed list can also be viewed on
this website
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B2B- Only 1 Return
B2C- Have to Upload Invoices
But still, this system is much easier than the earlier implemented VAT System
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GST is a very good initiative and also an easy way of seeing the taxation percentages and amount and this also gives the non-tax payers a chance to pay tax as many of the taxpayers did not pay tax earlier because of the complexity of the systems but now they have no choice of not paying the tax and can now easily pay with the help of this
GSTN.
This Simplified way on the Backend of
GSTN has a very complex structure in which payments will travel on an hourly basis every day.
Technology has simplified our life so much that everything can be completed with the click of a button and can be left everything on machine learning and artificial intelligence.
The main concern for everyone was the pricing for the online accountant so here are the prices and names of Softwares which people can buy and then boost their businesses and all these software are GST ready
Explained in 10 Points
How will GST Work
Below are Provided rates for all GST Accounting Softwares
1.Zoho Books- 2599/Year + GST
2.Tally ERP.9 -18000 eXcl- GST
3.Busy Accounting- 13500
4.
ClearTax GST- Free Trial Till September (
Check here)
So now prices are no more a reason for not accepting GST as earlier said the registrations on the portal or GST won't affect the small scale businesses largely ( 20 Lakh or less)
Again to Summarise this Limit
- 20 Lakh or less-( No Registration No Taxes )
- 75 Lakh or less -Manufacturing 2% Trading 1%
- Turnover in Crores
Sources-
1. News mobile
2. Cleartax
3. Google
4. GST Websites and Manuals
Here is the GST Comparision with India and Other countries Now India will be continuing to grow and will be considered as the fastest growing economy in the whole world.
All eyes today are on India and India took an advantage and took out a reform such as GST which will change the present situations and will be now saving people from different types of taxes which were 17 Taxes and 22 Cesssess and other local state taxes.
GST, a new way towards Transforming India and Bringing India as a developed country in the eyes of the whole world, no matter what other parties and people say
GST is Implemented to simplify the lives and it will simplify the lives.
Share This as much as you can and Educate the Uneducated .... :)
Pay Tax as a single Signature can change the lives of the poor
We Sign & Pay, Poor will Stride Towards Happiness.
Education is a stepping stone of one’s future; a good education can guarantee success while bad education can even destroy ones’ lives. As technology is changing day by day and is also benefiting us at every level, similarly these days there are many well-established companies and even education start-ups who want to contribute and also are contributing in student’s overall and even academic development, these days as there are new ways of holistic development of a student ,one such way is by conducting Olympiads ,So Olympiads are small tests which are designed in such a way that it measures mental ability of a child in a particular subject.
