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  • Category: Miscellaneous

    GST :Yes, No U turn? what does it mean to the tax payer.

    The entire country is familiar with GST - the good, bad and the ugly side of GST. many textile retail merchants are struggling to understand what needs to be done. It's also blamed to be one of the causes for the economic slow down. Now the Government has announced rate cuts on around 30 items. The opposition parties are crying foul claiming that GST is going the demonetization way.

    I saw an advert for flats " No GST - we take care it"

    What does it all mean to the tax payer in simple language? Are we going to end up paying more or less.
  • #611007

    People and companies want to pay minimum taxes whether it is income tax or GST. There are many small industrial or business units which just make some items and sell them without any invoice. This is happening mainly in the unbranded market.

    The marginal business units which are at a threshold of 1 crore turnover are reluctant to go for paper work and tax filing hassles in GST regime.

    So people have understood the GST there is no problem in that. But as they were doing all their business generating black money and not paying a single rupee tax are now very much perturbed to keep record of their business in a transparent manner and pay taxes. In fact their mental state has been so much corrupted in the past years that they feel a type of humiliation in paying tax. They will prefer to donate money to a temple rather paying tax. Tax paying is not a national pride for them. They are also afraid that when Govt is not going to use their tax deposit in a proper manner why they should pay taxes. So their are many apprehensions in their minds and they are not able to come out of their mind set.

    This Govt is trying desperately to bring those people under tax net and they are on one pretext or other escaping from this. So this is a cat and mouse game going on.

    Knowledge is power.

  • #611008
    In my fifty years of life I have never come across such a confusing tax regime introduced by the central government. In the garb of following International standards for collecting taxes to services and goods, the government failed to address the main issues before going for the tax introduction. There are many goods to which tax were not specified. The manufacturers are not paying tax where as the customers are targeted to pay. So one way of loot has been facilitated by the government.. Moreover if the government wants every one to pay tax when he buy or sell let the tax structure be small amount and not with big percentage. For example 28 percent hike in cosmetic range, thanks to GST means what would be the fate of the customers who are paying high for no reason. By the way there was no specific review before imposing tax rates. That was a big blunder.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #611010
    GST, its mystery now most of the people can't solve it. Even regular updates came by the Government in GST. No one wants to go for higher tax whether it is the Direct or Indirect tax. Now in GST generally there are 4 categories of rates that are 5%, 12%, 18% and 28%. If any changes in rates like decrease then it is good for Customer and seller also.
    In GST the most difficult part that is Filling Return of GST. It could be easy because dealers face the problems to maintain the data, invoices, maintain all the books.

  • #611033
    Gst is now known to many people. They understood the whole process very clearly. But as mentioned by Umesh, the business people who are doing a business without paying any tax and creating a lot of black money are not happy with thiss payment of tax. They are trying to avoid tax payment and trying come out with one or the other theory.
    The government somehow wants to see they will also pay tax. In this nation, except for salried persons, nobody wants to pay tax correctly. Now Government made an announcement reducing the tax on almost 30 items. Even then there is no positive response from anybody. How will the government manage without funds? So tax payment should be proper if we want some amenities to be created by the Government. I accept it is a mouse and the rat game only going on.

    always confident

  • #611447
    thanks for the posts, people like me have understood something about GST, it may be time-consuming to fill the details, some may pay a little higher tax but it's good attempt to get the businesses that do not pay any tax for personal gain but affecting our economy.

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