The big salary which today they are paying to various CA’s employed with them would drastically come down. Further ways may be worked out. When GST Is A Boon! India is economically growing with a lightning speed. GST @ 5% for real estate developers - a boon or bane? GST is expected to increase the mobilization of resources available for property alleviation and development of the country as pointed out by the Prime Minister, Narendra Modi. The federal nature of the country also accounts for its own share of complications and delays. Government must correct it quickly before it is too late. Posted by Rajamani Gayathri | Jul 27, 2017 | StartUp | 0 |. The government of any country collects its revenue from taxes; hence for the development of the economy of the state, a well structured taxation system is necessary. The Goods and Services Tax (GST) is the most-talked about upcoming comprehensive indirect tax in our country subsuming the major indirect taxes like Customs duty, Excise duty, Service tax and Value Added Tax (VAT). The businesses in India have also been severely impacted by the recent lockdown which has created a fear of recession in the economy. This can be done by various mechanisms such as:-. GST - 8. GST only applies on Value addition on the goods or services.Currently if a manufacturer sell his product to a wholesaler,some tax is paid. Ladakh is a dream to visit for every Indian. We all know that India has been one nation with multiple taxes. Seeing the 6% increment in prices of goods and services has just been a sight for sore eyes ever since. To claim input tax credit, each dealer has an incentive to request documentation from the dealer behind him in the tax chain which will ensure tax compliance. On 1st July government of India announced a new way of tax payment which is GST which will make the process of tax collection very simple as compared to the previous tax system. The GST will replace all indirect taxes Is GST Going to be A Boon or Bane For India? We look at the facts of the GST and how it will impact the economy. In India, this approach is a new born baby and is believed to be a boon … What makes GST in India special is thatthe Union and state governments will jointly administer India’s E-Commerce business – 10 things you should keep in mind. GST is practiced across the world and has been in the wings for a long time. The rich would become more rich and poor would be more poor. GST: Boon or bane to Indian economy. There will be reduction in prices of goods as taxes would now be exempted from the production cost and at the same time it will put better goods and services within the reach of a larger number of the populace and this will raise the living standards of the country. of banks from 27 to 12. Sudhir V.S. GST impact: Is it a bane or a boon for the logistics sector? Facebook. ETRetail Editor | Goods and Services Tax - Articles; 18 Mar 2018; 3,672 Views; 2 comments ; INTRODUCTION. 28 May 2020. by Nivedita Agarwal Nirav Karia. As the pan-India wave of GST is about to hit us this July, the entire nation is gearing up to embrace the colossal tide. There will be only one tax, which is GST. Composition Levy Under GST- A Boon or Bane INTRODUCTION T he appointed date for Goods and Services Tax Law (GST Law or GST) role out is 1st of July, 2017. Oh they had never been so wrong. Report of the Joint Committee on Business Processes for GST on Refund Process. All this will come to an end with the country becoming a clutter free highway for transparent, simple, efficient, one nation indirect tax system. Developed countries like Sweden, Denmark, Germany, Switzerland, Japan – have moved to a common GST (Goods and Service Tax) to provide one common window for tax collection. | Find, read and cite all the research you need on ResearchGate Removal of the Cascading Tax Effect is another advantage of GST. By the looks of it, GST will have to be considered a boon. For the Centre to be able to impose tax at the retail level and for states to be able to tax services will require constitutional amendments, which will further need to be passed by the Parliament and state legislatures. February 26,2019 Rate this story: There’s has been a close eye on the real estate developers from the inception of the GST. Join our mailing list to receive the latest news and updates from our team. Voila, I am happy now. There are a number of serious disadvantages of this system which were not addressed adequately. GST is the biggest tax reform since our independence. The agenda of the government behind introducing GST itself is “One Nation, One Tax”. True friends are the people who enter our life without ... 9 things that define you as an Entrepreneur. Another disadvantage is that the services which hitherto were charged on receipt basis will be charged on accrual basis. In simple words “cascading tax effect” means a tax on tax. At the simplest level,  GST reduces the number of instances where taxes need to be paid thus reducing the possibility of manipulation on the part of tax authorities and is assumed to be a much transparent mode of administering taxes. India May 28 2020 The COVID-19 pandemic has majorly hit the trade … GST: Boon or Bane? The midnight of July 1, 2017, was a historic moment in the Indian economic history when the multitudes of indirect taxes were merged into one Goods and Service tax (GST). It might help in getting a better insight into the working of GST and thus decide whether it is a BOON or a BANE! Huge inequalities in income and wealth would be visible. Share. 11 August, 2016 Ahmedabad : Since yesterday eve, once the Lok Sabha passed the so called GST bill, a very pertinent question is being asked by the intellectuals of this country as to whether GST is going to be a Boon or Bane. : is it a Bane still are gst a boon or a bane of what is happening in developed... Is also expected to boost revenue collection in certain states and to gst a boon or a bane the prices of goods services! Government must correct it quickly before it is also expected to boost collection. Not a Choice: 5 Fine Reasons in FORM GSTR-3B as per the CGST Rule (... 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