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#16
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Re: What is GST?
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20% in UK and 25% in Norway. Nanny state Norway also has some 40 % income tax.
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#17
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Re: What is GST?
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This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang |
#18
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Re: What is GST?
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----------------------------------------------- "Kisi ne sahi kaha zindagi kutti cheez hai. You live life without a care in the world not realizing that life is building a heavy load of trash that it dumps on you one fine day, breaking your back." - saneless |
#19
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Re: What is GST?
I am still not very clear about the nuts and bolts of how GST works, but from what I understand, here goes :
GST is being defined as a "consumption based tax" by the government. Basically, all the shopkeepers are supposed to upload their invoices to the relevant government website explaining the details of sales and the taxes. There are basically 3 types of taxes - CGST (Central GST), SGST (State GST) and IGST (Inter-state GST). Each has 5 tax slabs of 0%, 5%, 12%, 18% and 28%. If a shopkeeper has purchased something for Rs. 100 per unit + 18% tax (Total Rs. 118), and wants to sell it at Rs. 102 + tax, his sale price will be Rs. 102+18.36 = 120.36 So, his tax liability will be net Rs. 0.36 (he gets "input credit" for the tax already paid). There are many questions the department is facing from the shopkeepers e.g. - If I buy 50kg branded rice from the wholeseller (taxed at 12%) and sell it in loose form (unbranded rice - 0%). What is my tax calculation in this case ? - How to adjust for wastages/damages/expired goods ? - What is the tax liability for the "sale" or "discount" schemes the retailer offers ? Suppose I keep a sale of 10 + 1, will my tax liability be for 10 units or 11 units ? etc..etc.. Being new, its a bit of muddle right now, but will get ironed out in due time. My personal opinion is that as long as the government controls corruption in the tax system, the inefficiencies/ shortcomings will get taken care of. Quote:
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#20
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Re: What is GST?
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Also, there is a concept of "input credit" against which a vendor can adjust his tax liability. I think all this is similar to the concept of "advance tax" for Income tax. |
#21
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Re: What is GST?
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![]() However, I do have a feeling that there is a broader agenda to this GST than catching the culprits.
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#22
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Re: What is GST?
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