|Author: Kailash Kumar 04 Aug 2016 Member Level: Platinum Points : 3 (Rs 3) Voting Score: 0|
The following are some of the benefits which will be available to a common man after GST is fully implemented in India -
1. There will be one tax regime throughout India and time will be saved in calculating the taxes applicable in different states at different rates.
2. It will facilitate faster movement of goods and services throughout India.
3. It will eradicate 17 different indirect taxes which likely to boost manufacturing sector which may result in the availability of goods at cheaper rates.
4. E-commerce companies will start shipping to more states as inter-state levy will end.
|Author: Timmappa Kamat 04 Aug 2016 Member Level: Gold Points : 4 (Rs 4) Voting Score: 0|
Well, there are a few benefits associated with GST. Some of them will be direct, while others will have an indirect effect on your finances. Some of them are -
1. The bill will do away the multiple indirect taxes being levied. It has been estimated that the GST will replace a total of 17 indirect taxes.
2. The costs involved for a company will go down and it could result in better prices for products and services, as the companies are likely to pass on the benefit to the consumers.
3. Manufacturing is likely to get a boost.
4. Inter state logistics levy will decline. This will have a positive effect on the price of the products.
5. E- commerce sites will have no restrictions on shipping to states which have differential tax structure. This will let the sites to ship their products to any region in India.
|Author: neelam joshi 04 Aug 2016 Member Level: Gold Points : 3 (Rs 3) Voting Score: 0|
Till now various states used to implement different taxes at different rates but now having a uniform tax for the whole country it will totally change the scenerio. As the product goes from the whole chain of sellers from manfacturar to wholeshaler than to shopkeeper and then to consumer and at each level thr price of the product increases by some percentage. And various states has various rules and regulation and since at each level these sellers has to pay taxes to government this leads to increase in cost as well as the government taxes at various levels and sellers.
Earlier state government used to decide their own VAT(Value aided Tax) rates and also it didn't have anything to do with services but with GST now goods and services will be taken together, and also now the tax will be implemented by centre and then these tax collected will be divided among centre and state as per the parliament decides.
Since GST introduced the unifotmity of tax
It will lead to reduced prices of goods and hence common man will have to pay less for these products.
|Author: Venkiteswaran. 04 Aug 2016 Member Level: Diamond Points : 4 (Rs 4) Voting Score: 0|
The situation is now not fully clear and complete. The government has asked and got permission from Rajya Sabha for a new set up (GST) by a bill presented and passed in Lok Sabha already. However as Rajya Sabha passed the bill with some amendments after its passage in Lok Sabha, it needs to be passed again in Lok Sabha. Then remain further more requirements and formalities -real nuts and bolts- on the new GST set up, compliance guidelines and rates.
From whatever I could read tilnow in tis regard, I do not think, consumers wil be benfited. It s going to be mixed bag. For many essential and dailyused items prices may go up due to higher tax rates, as the same are now taxed at a lower rate. However many non-essentials especially automobiles and gadgets including luxury items are going to cost less due to the subsuming of some existing multilayer taxes.
However much needs to be seen as to how much extent the manufacturers, wholesalers and retailers are ready to pass on to the ultimate consumer. The next point is how smooth it is governance mechanism and the real ground level administration. Will this also meet with the usual ambiguous and unspecific wordings of laws and rules we see generally is another big question.
My reading is that there is not much for cheers to the ordinary customer. Online shopping may be a little more smooth and profitable, provided the benefit is passed on to the ultimate buyer.
|Author: piyush 10 Aug 2016 Member Level: Gold Points : 2 (Rs 2) Voting Score: 0|
Following are the benefits of GST for consumers.
It will replace all indirect taxes .
It will increase tax cover to larger base due to which tax rats will be come down in future.
It will help in easy movement of goods an services from one state to another which will in turn decrease the rate of transportation which will decrease the cost of goods and service.
it will decrease corruption and prevent in generating black money