GST - WHAT IS GOING TO HAPPEN ?


Bye bye Vat , service tax , excise

Welcome GST

But again three taxes - SGST CGST UGST (government should have avoided it and they could have distributed the tax collected to states based on place of supply which is being reported in the returns. 50% of tax should go to state in which place of supply has happened and balance to central government. Why so such confusion





Service industry :
-Predominantly only name change for service industry
- Much More compliance
- increase in tax rate by 3%
- to be assessed by two tax department and so harassing goes up 😂
- No Centralised Registration
- Registration at each state and running illusionary branch becomes impossible
- headache on matching input tax credit based on auto-populated data


Trading industry
- no much complications
- imports get cheaper
- to be assessed by two tax department
- inter state sale become easier with no transit pass or entry tax
- headache on matching input tax credit based on auto-populated data

Manufacturing Industry
- Best gainer in terms of tax benefits
- less compliance
- no more harassment by excise inspector blah blah
- headache on matching input tax credit based on auto-populated data
- should pass on tax benefits by reducing MRP
- No MRP based duty or tax assessment

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