ALL >> Business >> View Article
Are You Satisfied With The Proposed Gst rates?
I believe conceptually GST is a great idea, since the touted benefits are “One Nation One Tax” which should simplify taxation by eliminating multiple and cascading taxes across state borders. Come September 2017 now the GST is inevitable. There seems to be enormous rush to execute or should i say forced down our throats.
There are numerous popular Quorans with massive followers hast tagging “if you want india to prosper #passGST . And the rationale is merely the conceptual benefits. With references to Sweden, japan, Singapore,Switzerland ,Germany , Now apart from the fact that these countries are all developed countries with the infrastructure in place. And Singapore to my knowledge is a single tax of around 7% with no other caveat. I suspect all these countries with one tax one country would be by and large a single tax economy without exceptions and ambiguities. But when the narrative suits you why not use it .
But if we look at the current avatar of GST, here are my worries
There are 5%, 10%,15% and 28% — How is this One nation One Tax?
We have 29 states ,hence 29 State Taxes, One ...
... Service Tax , One excise duty and VAT so a total of 32 Taxes laws, What does this GST propose to do ?,Broadly there is SGST ( State GST), CGST ( Central GST) and IGST ( Inter State GST). So basically it means 29 SGST + 1 CGST + 1 IGST= 31 Tax Laws. On top of it the law says both states and parliament can levy their own GST .
Now if one were to be a service provider ,he has to file 3 returns every month on the 10th, 15th and 20th all online, which means 36 returns every year + One TDS return every month,which means 12 returns every year + One annual return. So a total of 36+12+1= 49 Returns a year. So if you have 10 branches then 49X10= 490 returns all online. Points to ponder
Imagine the load on the system everyone has to file on 10th ,15th and 20th . Are we really ready?
What about business out of the internet access net?
Apart from other reason these are my top concerns, i really fail to understand how is this One Nation One Tax. How does this simplify anything?
To my mind all this does is push people into the cash transactions . And to create multiple companies under 20 lakh turnover to evade taxes.
I believe we are not yet out of the demonetization blunder and with all this urgency to push GST , this Avatar of GST will only add to the misery. The scariest part is again we will get to hear good intentions bad implementation and so on.
Do let me know if any of the above is wrong? i really want to feel that there is an upward trend when all i see is propaganda and mindless cheer leading.
Facts are stranger than fiction
Governments Solution to a problem is usually as bad as the problem itself and very often makes the problem worse- Milton Friedman.
Discover More About GST Return India.
Add Comment
Business Articles
1. Finding A Trusted Sustainability Consultant In Abu DhabiAuthor: Agile Advisors
2. Iso Certification In Dubai – Advantages For Business
Author: Agile Advisors
3. Best Forex Brokers List | Best Broker For Forex Trading 2024
Author: Top Forex Brokers Review
4. Celebrate Achievements With Customized, High-quality Awards From Trophy Deals
Author: Trophy Deals
5. Is 100% Company Ownership Possible For Expats In Saudi Arabia?
Author: jodonjo
6. We Are Hiring: Senior Executive - Indirect Taxation In Gurgaon!
Author: tanvir Khan
7. Ceratec Tower 1o8: The Eventual Fate Of Business Greatness In Balewadi, Pune
Author: Tarun
8. Enrofloxacin Manufacturer: Swisschemie
Author: Swisschemie
9. Ultimate Guide To Hotels In Mussoorie: Discover The Best Places To Stay, Including Hr Hotels And Resorts
Author: Hr Hotels and Resort
10. How Quickly Do Fast Cash Loans Online Pay Out Cash On The Same Day?
Author: Lucy Lloyd
11. Leading Digital Marketing Agency In Hyderabad And Unlock Your Brand’s Potential With Sanbrains Agency
Author: Sanbrains Seo
12. Celebrate Success With Customized Awards From Trophy Deals
Author: Trophy Deals
13. Title: Choosing The Right Humidity Stability Chamber Supplier For Your Manufacturing Needs
Author: bio gene
14. Complete Guide To Studying Mbbs In Poland
Author: Mbbs Blog
15. What Is The Process For Locating The Best Lender For Short Term Loans Online?
Author: Robert Miller