Implementation of GST – Goods and Services Tax, India

GST – Goods and Services Tax. India is now One Nation, One Tax.

Our Indian Govt. on 1-July-2017 implemented the well awaited GST. To me it is like Financial Revolution in India. Just finished watching our Finance Minster Sh. Arun Jately Ji show with Rajat Sharma.

I was also very confused about it. Didn’t know much about it except its Full form 🙂

Below comparing both Systems. 

Old System:

There used to be 18 kinds of different taxes on businessmen like Manufactures, Traders, Retailers, Service Sector and list goes on….

Goods and Services Tax:

Only one Tax. Therefore Easy of Business.

Old System:

Had to deal with lots of paper work, harassment by 18 different Tax Inspector, expenditure of Accounts and CA. Complete Waste of time and money and energy.  

Goods and Services Tax:

Very Simple Smart phone App. Super Easy to use. 

Old System:

Many Loop holes. Loss of Govt. Revenue

Goods and services Tax:

Hassle Free Online System and hence Increase in Govt. Revenue.

Old System:

Same taxes for Poor and Rich.

Goods and Services Tax:

0% Tax Slab for lose or unbranded daily consumable items like Food, Grocery etc.

81% Products are from 0 to 18% Slab.

28% Slab for Luxury Items.

Poor and Middle Class Society will benefit for it in the long run .

Old System:

Only 800 thousand people out of 1.25 billion pay any kind of tax related to manufacturing, trading etc. in India. 

Goods and Services Tax:

700 thousand already registered with govt. within 4 days since registration started under GST only, Income Tax Payers will also increase.

If anyone want more info. About GST then Watch the video in English

If anyone want more info. About GST then Watch Video in Hindi

Thanks for Reading 🙂