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 »
 What do GST rules say about refund for exporting goods and their payment
 What is tax liability if I surrender my insurance policy before maturity?
 You can now file ITR form 3 - What you should know Income Tax Return (ITR) filing
 How much income tax is payable on rental income
 Notification No. 39/2019 Central Board Of Direct Taxes
 Here Are Post Office Saving Schemes Which Offer Income Tax Benefits
 Service Tax paid under Mistake can’t be refunded under Finance Act, 1994
 e-filing of Income Tax Returns registers an increase of 19%
 4 ways to buy gold and how much income tax you pay on gains
 Tax you pay on equity investments
 Indian Consumers Are Saving Money Due To GST Rate Cuts – Find Out How

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