You must Sign In to post a response.
  • Category: Miscellaneous

    The cascading affect of GST on you and me!

    'One tax and one nation' - this slogan made me support the concept of GST (Goods and Services Tax). When it was launched, I too felt happy and consoled myself that there would be some initial hiccups at a start-up level. When we cross the state borders by road, felt happy that there was no traffic jam on the road/entry tax at the border check gates now. This made me to hail the decision as so much time used to be consumed to cross the state border.

    Now my turn has come. The other day I got renewed my Car Insurance policy and paid Rs.12000/- against Rs.9000/- paid previous year. When asked about the increase instead of decrease in value due to no-claim discount, the agency told me that the discount was given but GST was added @28%. Again my Bike and my daughter's Scooty too get their Insurance policies renewed with increased Premium value. Then I started cursing GST and the continuous hiccups due to implementation. I think you too started.....
  • #631986
    The overall processing on GST is still not done & the proposal is that the 28% would be removed from the GST system.

    Likewise in the recent changes & for few commodities the IGST slabs have been reduced from the earlier proposed %. Means in some the GST has been from 12% to 5%. The same would be case for the other commodities as well. So its good to judge this as this till remains at its prelim nary stages.

    If we take a look at the other way round then the burden remains the same on us as few got increased but at the same time others have been reduced.

    Other positive sign could be the tax structure have been simplified. Can we imagine that we worked with more then eighteen different types of taxes. How complicated it was that for each tax planning we required different consultant. Hope so this would remain no more.

  • #631987
    I feel myself left at the mercy of the government which makes policy, the sellers of goods and services which charge GST as per slab rates understood by them and the software uploaded by them in their bills/invoice generation systems and the God, the creator of this universe.

    To be frank I tried to understand the GST system repeatedly, participated in few debates also including the one organised by ISC but miserably failed so far in understanding the whole system. Therefore, I have surrendered to the fate and simply pay whatever told to pay with or without cursing the system.

    Let us encourage each other in sharing knowledge.

  • #633047
    Our recent holiday booking for the same destination went up by 4000 rupees with the tariff remaining the same pre and post GST. If the author has noticed the change in the insurance policy payments, it would be more or less the same for me too. May be once we check most of our regular expenses and annual payments we can get a better idea of how much we are paying extra for the GST. My worry is are the traders passing on the tax to the end consumer indirectly ?

  • #633271
    I don't know where is the catch? I have taken very recently my four wheeler insurance for one year. The amount is reduced by Rs.4000/- than last year. Last year I have taken the insurance from Reliance insurance. This year I have gone to New India insurance company. Where is the difference? Please check with different companies and see the rate. This year I have taken a quotation from reliance which is very high when compared to New India Assurance. I request the author to verify once.
    Yes. GST is creating some understanding problems actually. Some of the sellers trying to make merry out of the innocence of the buyer. Many shopkeepers are giving the items by decreasing some value of the MRP. Today I have purchased Oil on which the MRP is 265 rupees. But the shopkeeper took only 240 rupees from me. Still, I think more clarity on this GST has to evolve.

    drrao
    always confident

  • #633273
    GST is a flop in our country and only the people who run business will have profits. Other common people do not have any effects on the GST system. It is not going to change the life of a common man. Why is Government not able to reduce the fuel prices? The Price of Petrol and Diesel are increasing and the petroleum products have not been included in the GST system. This is done to help the petroleum companies and they are gaining more amount money from it. Our Neighbour countries have reduced the price of fuel prices and we are not able to do it, because our main source of income is the tax from the petroleum products. The government needs to think and reduce the fuel prices so that it can save the expenses of a common man.
    "Earning knowledge is by sharing it with ISC and we will rectify our mistakes."


  • Sign In to post your comments