How Can the Newly Introduced GST Revolutionize the Indian Economy
What is GST and how does it work?The Goods and Services tax (GST) is an indirect taxing scheme applicable throughout India replacing multiple cascading taxes that were piumini moncler levied previously one after the other by the central and state governments.
moncler donna Under the GST, goods and services will be taxed at 0 per cent, 5 per cent, 12 per cent, 18 per moncler donna cent, 28 per cent,.25 per cent on rough precious and semi precious stones and 3 per cent on Gold. moncler donna
piumini moncler saldi Nearly 60 per cent of all the goods and services coming under the GST will fall under the 18 per cent tax slab. Goods like unpacked grains, milk are untaxed, items like hair oil, shampoos, deodorants, chocolates are taxed at 28 per cent. piumini moncler saldi
moncler bambino outlet SGST: Where revenue will be collected by the state government for intra state sales moncler bambino outlet
piumini moncler uomo IGST: Where revenue will be collected by the central government for inter state sales. piumini moncler uomo
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Under the new tax structure, all different phases from production to warehousing to distribution are considered to mere “pass through” stages with focus being completely on moncler outlet serravalle the destination or final consumption of the goods. Logistics is the most key element benefited from the new tax structure as it plans to provide seamless transfer of piumini moncler uomo goods from one state in the country to other.
moncler outlet serravalle Highlights of outlet moncler GST in other countriesThe first country to implement Goods and Services tax (GST) was France way back in 1954. It paved the way for a new taxation system which was quickly adopted in many European countries in the 1970s and 1980s, all tweaked the GST in their own way differing from country to country. moncler outlet serravalle
The Asian powerhouse Japan launched GST in 1989 at a very modest rate of only 3%. piumini moncler outlet This increased to 5% by 1997 and immediately Japan went into a recession. Later in 2010 moncler outlet trebaseleghe the go to my site https://www.moncleroutlet-i.org moncler outlet then Japan government increased the rate to 10%. Currently the moncler saldi outlet Shinzo Abe government are formulating to increase the taxation further and the tax increasing deadline is set at October 2019.
In Singapore the GST was introduced in 1994 with immediate inflation as an after effect. After more than two decades the inflation has subsided and GST forms the second highest source of government revenue after corporate income tax.
moncler outlet trebaseleghe Brazil saw VAT rates (VAT similar to GST there) vary from region to region and the inter state supplies pegged at tax rates between 4% to 25%. moncler outlet trebaseleghe
moncler bambino saldi Canada is the only country other than India which also adopts the dual GST model that is the Central GST (CGST) and the State GST (SGST) but it gives liberty to provinces to go for state or central GST taxation schemes with GST rates at 5%. moncler bambino saldi
moncler outlet online uomo USA does not have GST as it ensures a high level of autonomy for it’s states. moncler outlet online uomo
moncler saldi History behind the implementation of GST in IndiaIndia’s most iconic tax reform since the independence in 1947 came into action from 1st July, 2017. After coming to power Prime minister Narendra Modi left no stone unturned to make the GST face the light of the day, but with strong resistance from the opposing Indian National Congress who ironically fought for the GST bill while they were in power piumini moncler scontatissimi form 2009 to 2014. moncler saldi
outlet moncler The GST was the brainchild of the then prime minister Atal Bihari Vajpayee in 2000. He set up a committee for the design and implementation of the GST model headed by the then Bengal finance minister Asim Dasgupta who headed the committee till 2011. He was given the responsibility of designing the entire implementation technology and logistics. outlet moncler
During the union budget presentation of 2007 08 the then finance minister P. Chidambaram expressed his satisfaction moncler uomo over the considerable progress that was made for the implementation of GST which was supposed to be into effect from on 1st April, 2010.
piumini moncler scontatissimi Anticipating the GST to come into action from 1st April, 2011 (because it got delayed one year due to unavoidable circumstances) the then Congress government allotted Rs 1133 crore for the computerization of the commercial taxes in states which was considered to be the foundation groundwork for the GST to be executed efficiently. piumini moncler scontatissimi
In March 2011, the INC introduced a constitutional amendment bill to implement the GST as per schedule on 1st April, 2011, only to be opposed by the other parties in the parliament and the stalling game started.
moncler uomo The then central finance minister Pranab Mukherjee appealed to the various state ministers about the seriousness of the INC to implement the GST and urged them for support in reforming moncler bambino outlet the tax structure of the biggest democratic nation in the word. The INC also allotted Rs moncler outlet online shop 9000 crore in 2013 for compensation to the various states that were just about to shift to GST in 2011. moncler uomo
Ironical chain of events followed piumini moncler saldi when the then Gujrat government in 2013 under Narendra Modi opposed the implementation as the state would be bearing moncler bambino saldi losses amounting to Rs 14000 crore per annum.
piumini moncler Ironical indeed as the new BJP government with the finance minister Arun Jaitley re introduced the GST bill in the parliament in December 2014 after being in power for seven months. At that time the BJP moncler saldi had the Congress standing in between them implementing the GST. piumini moncler
piumini moncler outlet In March 2016, Arun Jaitley agreed with the Congress’s demand of not keeping the tax rates higher than 18% as moncler saldi uomo no state government would agree to having higher rates as well. moncler outlet online uomo If any emergencies were to come the government would need the parliament’s permission to raise the tax every single time. piumini moncler outlet
moncler saldi uomo Finally the tax slabs were fixed and there is a tax slab of 28% also but that would be applied on luxury goods only keeping the majority of goods taxable on and under the 18% tax slab and GST rolled out on 1st July, 2017 moncler saldi uomo.