News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Service Tax »
 New income tax refund rules Income Tax Filing 2019
 Income Tax dept relaxes assessment and scrutiny norms for start-ups
 Tax department launches 'e-filing Lite' for taxpayers
 ITR 5 Form filing: How to download and fill the form online
 How to save tax if you have missed the deadline for submitting proof of investments ITR Filing for AY2019-20
 How to correct a mistake ITR filing AY 2019-20
 ITR filing for AY 2019-20: Don't miss these incomes
 Meeting tax deadlines helpsa
 How To File Income Tax Return Without Form 16? ITR Filing
 Income Tax Return Last Date extended! Relief for taxpayers; deadline for ITR filing extended by a month; 5 things to know
 Are you a salaried employee? Know how to file Income Tax Returns online

6 reasons you need not fear the GST regime
June, 22nd 2017

The goods and services tax (GST) is set for a July 1 launch. While businesses have adjustments to make, consumers do not have much to worry about, apart from some possible disruption in supply. ET explains

1) MANY RATES
Pundits say multiple rates have distorted GST, but consumers are gainers

WHAT IT MEANS
GST rates will be as close as possible to earlier effective rates

2) NO REVENUE GAIN FOR GOVT
The government expects a net revenue loss from GST. Increased compliance could make up for this On the whole, tax incidence will go down for the consumer

3) EXEMPT GOODS
Items and aam aadmi goods exempt or pegged at lower rates

WHAT IT MEANS
The common consumption basket is not likely to get any more expensive

4) SERVICE TAX RATE UP BUT EFFECTIVE TAX LOWER
Service tax rate will be higher under GST, but service providers will also get input tax credit for VAT and cascading of taxes will disappear

WHAT IT MEANS
Even if rates are higher, end prices for consumers may not go up

5) STABLE RATES
Neither the Centre nor states will be able to raise rates easily

WHAT IT MEANS
Tax rates will remain stable

6) BIG BROTHER WILL BE WATCHING
An antiprofiteering body is being set up

WHAT IT MEANS
If any business does not pass on benefits of lower taxes to consumers, it can get into trouble

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions