The Indian industry stakeholders on Friday congratulated Prime Minister Narendra Modi-led National Democratic Alliance government on the roll-out of the historic Goods and Services Tax (GST) from midnight of June 30, 2017, and said industry is fully prepared for it. He said that GST was a shining example of cooperative federalism.
He said that the GST may be a destination tax but for India it will begin altogether a new journey.
CBEC in advertisements said single tax GST will bring down prices for most household.
All India ITR summarizes that the upcoming GST Law will have its own sets of pros and cons - many necessities will get cheaper but in the meanwhile, the rest of the necessities that falls under the higher GST tax rate bracket will ultimately cause a discomfort in the household budget.
The new tax replaces a maze of state and provincial taxes and cess, unifying a country of 1.3 billion people into one of the world's biggest common markets. It is a co-incidence that the Gita has 18 chapters and after 18 meetings, GST became a reality, he said. "Prices may go up for a few items but prices of maximum items will either go down or remain unchanged", said Jaitley, adding that every businessman will have to file only one return by 10th of every month after which the computer software will automatically generate the rest of the reports.
"Mumbai: "Vikrikar Bhavan", headquarters of Maharashtra government's erstwhile Sales Tax department, was on Saturday renamed as 'GST Bhavan" as the new tax regime rolled out. But now, a trader with turnover of Rs 20-75 lakh will have to pay 2.5 per cent tax. "In the months to come, based on the experience of actual implementation, the GST Council and the Central and state governments should continuously review the design and make improvements, in the same constructive spirit as has been displayed till now", he said. "It will bring in transparency, help cut tax evasion and benefit honest taxpayers", Adhia said.
Non-AC eateries will charge 12% against GST on your total bill. It is expected that by doing away with the plethora of taxes and barriers on state borders, GST will accelerate economic growth.
A total 80 lakh people - less than 1 per cent of the total population - were registered in indirect taxation under the three important categories - Service Tax, Value Added Tax and Excise Duty, Arun Jaitley said.
"Inspector raj will end after GST, as refunds will be automated", the Secretary said in the discussion on the GST and the digital economy.
An executive for logistics company Rivigo in Mumbai, who declined to be named, told AFP clients had asked them to ensure that the goods reached their warehouses before midnight when the new tax would kick in. With higher input tax credit, prices of most goods may reduce, but services, majority taxed at 18 per cent, could become more expensive.
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