GST (literally Goods and Service Tax), which is going to be passed at exactly 12 pm on 30th of June in the Indian parliament. The common people to the great multi-millionaire are waiting to see the effects of the GST.
GST is the tax instead of various taxes levied by both the central and state government.
What are the taxes that going to be Eradicate due to GST
CENVAT: A tax for the production of movable or marketable goods; which is passed during 2000.
SALES TAX: A tax on produced or imported and sold for the first time; which is passed on 1957.
OCTRAI: A Tax collected by state government or municipality for the articles to be sold in the town; which is passed during
EXCISE DUTY: An Indirect Tax on the home consumption goods which are made in India; which is passed during 1985.
SERVICE TAX: A Tax for the service of the person or for the service provider; which is passed on 2004.
ENTERTAINMENT TAX: Levied for Amusements,exhibition,large commercial service and large private festival celebration.
VAT: Levied by original producers of goods from the customers; passed during 2005.
SECURITY TRANSACTION TAX: Levied on ISE includes shares, derivatives and mutual funds; passed on2004.
ENTRY TAX: Levied by the recipient state for the goods from the other state; passed during2000.
LUXARY TAX: A Tax on luxury goods which are not considered as essential.
COMMON PEOPLE’S VIEW ON GST
- Because of GST, the price of essential things is going to rise.
- GST is going increase the budget value of the family.
List of the goods and services below will become costlier from July 1 when GST comes into force:
4. Masala powder
8. Chewing gum
13. Ayurvedic and other alternative medicines
15. Hotels with room tariffs above Rs 7,500
16. Fine-dining restaurants
17. Restaurants inside five-star hotels
18. Movie tickets above Rs 100
20. IPL matches
21. Clothes above Rs 1,000
24. AC and first-class rail tickets
25. Business-class air tickets
28. Washing machine
30. Courier services
31. Mobile phone charges
32. Insurance premiums
33. Banking charges
34. Broadband services
35. Credit card bill
36. Two-wheelers with engine capacity of more than 350 cc
37. Small and mid-size cars
39. Fishing nets
43. Yoga mats
44. Fitness equipment
45. Aerated drinks
48. Alcoholic drinks
However, the GST is not bad as a whole. Due to GST, some goods price is going to be reduced. And let’s welcome GST for our nation’s development.