A glance on the myths and facts about GST

A section of people thinks that GST implies deduction in the amount of tax levied on goods they purchase. But what it is exactly? Is it the same? The answer is a big NO!!! So, the question which is supposed to arise in everyone’s mind is what exactly GST stands for. This is basically "Fewer taxes, at unified rates".GST- No Tax CutsGST

is never introduced to get the taxes disappeared in any manner; however, it would make the taxes simple by unification of multiple taxes. Consequently, it would be less tiresome to pay the taxes and of course to collect as well. So, perish the thought that it is expecting to trim the taxes on goods and services.How GST impactsThe impact of GST can be well explained and clarified on the goods and services in your basket. It would replace multiple indirect taxes with few of the standard rates. This way, it would crunch the timeframe required to ship the goods in and across the country. As this is well known fact that the central as well as state government charges the indirect taxes on different levels e.g. service tax, excise duty, and VAT. And GST will be the blend all of the indirect taxes into a single tax. A reform for Indian EconomyThis is a game changing reform which would reduce the cascading tax on goods and services. What does this word GOODS stand for? It is the kind of properties that can be moved sans dismantling. When the goods are being shipped to another state then rather than collecting the inter-state tax, the central Govt. would collect the integrated GST and after retaining its own share the balance of state share will be imparted to the state government. But in the case of intra-state tax Central GST along with state GST would be levied on the goods. Here, SERVICES imply doing something; so, whenever there is transfer of some goods that is known as supply of goods and transferring the ‘Right to use’ means supplying the services.Exemption from GSTYes!!!! There are few goods which are completely exempted from this tax. Now you would definitely want to know what all that includes. Here is the list to end up your curiosity:ü Roti: This list includes pulses, milk, rice, cereals, flour, poultry and many more.ü Kapda: Textileü Makaan: Rent of accommodation or construction of homeü Shiksha: All recognized degrees and diplomas.ü Swasthya: It includes getting the diseases diagnosed and cured.

All items of basic needs of a human are GST exempted!!!! Still have any doubts or queries????? Don't hesitate; just click on http://inmacs.com/ or send an email at solutions@inmacsindia.com. We will get back to you.

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