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  #1  
Old June 29th, 2017, 02:30 PM
Napolean Napolean is offline
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What is GST?

Can someone explain how is it going to benefit India as a country? Also, is it going to somehow reduce tax theft?
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  #2  
Old June 29th, 2017, 08:04 PM
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Re: What is GST?

GST is something that Congress could not do in a long time and now that Modi has done it, they are crying foul. Cant blame them when a retard like RG is thier leader and cannot comprehend it

Anyway, I dont have time or the understanding for a detailed reply. But will give an example of why it is supposed to simplify. Earlier all the states had their own state taxes on goods and services. For example, buying a car would not cost the same in Delhi, Mumbai and Chennai. Even within a state a car would cost less in Thane than in Mumbai because of the difference in road taxes, insurance, etc. So people would buy and register in Thane and drive in Mumbai. Also, any other state registered vehicle could not be driven in MH without re-registering and paying the difference in road tax for the vehicle. Such differences will go. It is easier on consumers as well as the businessmen. This is just an example. Not sure if it is completely covered in GST.

Some goods used to have a different MRP based on the state where it is sold. People used to leverage these differences in MRP through black marketing and avoid tax. Hopefully these are also taken care of.

More when I understand more....
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  #3  
Old June 29th, 2017, 09:08 PM
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Re: What is GST?

Quote:
Originally Posted by Bhidubhai View Post
GST is something that Congress could not do in a long time and now that Modi has done it, they are crying foul. Cant blame them when a retard like RG is thier leader and cannot comprehend it

Anyway, I dont have time or the understanding for a detailed reply. But will give an example of why it is supposed to simplify. Earlier all the states had their own state taxes on goods and services. For example, buying a car would not cost the same in Delhi, Mumbai and Chennai. Even within a state a car would cost less in Thane than in Mumbai because of the difference in road taxes, insurance, etc. So people would buy and register in Thane and drive in Mumbai. Also, any other state registered vehicle could not be driven in MH without re-registering and paying the difference in road tax for the vehicle. Such differences will go. It is easier on consumers as well as the businessmen. This is just an example. Not sure if it is completely covered in GST.

Some goods used to have a different MRP based on the state where it is sold. People used to leverage these differences in MRP through black marketing and avoid tax. Hopefully these are also taken care of.

More when I understand more....
Thanks Bhidu.

The wayh whatspapp forwards are coming up , it seems GST is going to put a heavier load on consumers. How much truth is there in that?
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  #4  
Old June 29th, 2017, 09:48 PM
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Re: What is GST?

Quote:
Originally Posted by Napolean View Post
Thanks Bhidu.

The wayh whatspapp forwards are coming up , it seems GST is going to put a heavier load on consumers. How much truth is there in that?
Will post the detailed tax rates later. But govt claims 81% of goods will attract lesser tax than before.

However a simple answer now - what is paining people is that now you cannot say I will pay in cash and no need for a bill to avoid tax. Earlier people used to do that. If you want to avoid paying VAT or other applicable taxes, be ready to pay in cash and the merchant will just give you a "kaccha" handwritten bill or no bill at all. All that should ideally go now. People will have to pay tax and merchants have to pass that on to the govt. There wont be any concept of kaccha and pakka bill for the consumer and 2 books of accounts by merchants.
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Old June 30th, 2017, 02:09 AM
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Re: What is GST?

My friend is buying a flat in Pune and price has shot up from 93 lakhs to 99 lakhs due to GST.
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  #6  
Old June 30th, 2017, 06:33 AM
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Re: What is GST?

The retard Rahul says this govt is incompetent to roll out GST. Dude, do you realise that this guy Modi is doing it in 3 years while you would take forever? So who is incompetent?

Can't believe these jokers from INC keep claiming credit for GST while it was seeded by Vajpayee.

BTW, Modi govts USP has been time-bound execution without getting tied into analysis paralysis.
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Last edited by Bhidubhai; June 30th, 2017 at 06:39 AM.
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  #7  
Old June 30th, 2017, 07:41 AM
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Re: What is GST?

GST is much needed modernization of tax structure, this will force businesses to modernize, keep track of input, output and most important will be book keeping .. anybody wanting credit for taxes paid will have to fall in line, or be out of business.

I think it will be a major disruption but a cost which has to be borne. Also, many new folks will come in the tax bracket now, increasing revenues for govts which will hopefully be put in infra, social schemes.

The good thing I'm hearing this time is that govt is setting war-rooms for handling the mess.. which they didn't do during demonetization. It's a good sign that Modi govt is learning.
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Old June 30th, 2017, 08:34 AM
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Re: What is GST?

Quote:
Originally Posted by ashdoc View Post
My friend is buying a flat in Pune and price has shot up from 93 lakhs to 99 lakhs due to GST.
How did that happen?
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Old June 30th, 2017, 01:20 PM
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Re: What is GST?

Quote:
Originally Posted by ashdoc View Post
My friend is buying a flat in Pune and price has shot up from 93 lakhs to 99 lakhs due to GST.
Out of curiosity, could he have cheated on taxes before GST kicked in?
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  #10  
Old July 1st, 2017, 05:25 AM
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Re: What is GST?

boycotters of GST - DMK (2G Scamsters); TMC (Sharada Scamsters); RJD (Chara Scamsters) and Cong the Sardar of all Scamsters
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Old July 4th, 2017, 04:51 AM
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Re: What is GST?

We had GST here for more 15 years now in Canada. Bhidu is right, the black market concept can be reduced with this.
There is also this rule where the basic groceries are GST exempted. For example, milk bread, meat etc are exempted. However, meat given to pets is not exempted (don't ask me why).
Also, if you own a personal business, you can actually claim some refund (will need a big detailed explanation).
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Old July 5th, 2017, 09:28 AM
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Re: What is GST?

Quote:
Originally Posted by ashdoc View Post
My friend is buying a flat in Pune and price has shot up from 93 lakhs to 99 lakhs due to GST.
somethings are expected to get more expensive. a straight to straight comparison makes real estate more expensive as total of taxes service tax + VAT + Cess etc is less than GST applicable.

however (it seems) individual components in the building are going to be cheaper as GST on those things is less than total of applicable tax.

Some people reckon this should reduce the overall cost of real estate but I am sure the builders in our country will take advantage and not pass on the advantage.
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Old July 5th, 2017, 10:29 AM
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Re: What is GST?

18- 28% sales tax - come on... that is crazy... why should it be so high ? most developed countries including US don't charge more than 7%
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Old July 5th, 2017, 03:11 PM
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Re: What is GST?

When VAT, Service tax, State tax, Octroi, Excise tax etc are considered, 18-28% will look better. BTW, 81% of the goods are below 18%. Earlier I had confused it has 81% goods bcoming cheaper. According to govt claims, 70% goods will be cheaper.

Most of the outrage not because taxes are higher but taxes re to be paid and cannot escape. Earler they could evade, now they cant. So for someone who could get away gaming the system with zero tax any number >0% is bad. That is what is happening with traders, be it the textile guys in Surat or a bong slling rashmolai in kolkatta or a real estate guy in Mumbai.
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Old July 6th, 2017, 08:09 AM
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Re: What is GST?

With GST implemented properly in a few years, should income tax be remove altogether? Because salaried class is getting taxed twice.. unlike the poor and the rich, and the farmers who evade income taxes almost completely.
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