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GST Reform of indirect Taxation

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  #1  
Old 15th July 2016, 07:17 PM
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Default GST Reform of indirect Taxation

Hi,

What will be the implications on trade cost if GST bill get passed in the assembly. will be only one tax instead of many?
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  #2  
Old 15th July 2016, 09:00 PM
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Default Re: Effect of GST to Trade Cost

Quote:
Originally Posted by naveen_talkin View Post
Hi,

What will be the implications on trade cost if GST bill get passed in the assembly. will be only one tax instead of many?
Tax will be increased by 3-4% (likely, subject to GST rate decision), as service tax will be increased to 18 or 20% (likely)
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Old 13th August 2016, 06:42 PM
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Default GST Reform of indirect Taxation

Hi,

Creating this thread b'cos I do not have any idea or information about the possible impact of GST on trading and brokerage, and whether it is going to replace the STT, stamp duty etc in the first place! So share what you think about possible GST impact on trading. Positive, negative or none?

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Old 13th August 2016, 07:06 PM
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Default Re: Impact of GST on trading.

Hmmm
We as a trader pay 2 major cost factors, in addition to brokerage
One is Service tax (ST) and other STT (other taxes are very small in comparison to these two)
While nothing has been said for STT but ST is likely to increase considerably.
So ultimate cost of trading is likely to go up.
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Old 13th August 2016, 07:41 PM
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Default Re: Impact of GST on trading.

Quote:
Originally Posted by niftygupshup View Post
Hmmm
We as a trader pay 2 major cost factors, in addition to brokerage
One is Service tax (ST) and other STT (other taxes are very small in comparison to these two)
While nothing has been said for STT but ST is likely to increase considerably.
So ultimate cost of trading is likely to go up.

STT is the biggest back breaker of us traders. Hope GST does not increase it. Achieving break even will become a challenge if both are increased.

Last edited by Punter786; 13th August 2016 at 07:57 PM.
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Old 13th August 2016, 10:46 PM
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Default Re: Impact of GST on trading.

I think STT will remain unaffected by the implementation of GST. But trading cost will go up as GST will replace ST.

In my personal opinion 15% ST which is charged currently is already on the higher side and 18-22% GST will affect common people and will be highly inflationary. The so called govt babus are saying that GST will result in cheaper prices of goods but I don't agree at all. For example, say a toothpaste which has an MRP of Rs 100/- now won't become cheaper after the implementation of GST. I don't believe that manufacturers are going to reduce the MRP after GST.

I am not an economist or an analyst. But as a common man this is what I feel.
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Old 14th August 2016, 08:57 AM
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Default Re: Impact of GST on trading.

Quote:
Originally Posted by soft_trader View Post
I think STT will remain unaffected by the implementation of GST. But trading cost will go up as GST will replace ST.

In my personal opinion 15% ST which is charged currently is already on the higher side and 18-22% GST will affect common people and will be highly inflationary. The so called govt babus are saying that GST will result in cheaper prices of goods but I don't agree at all. For example, say a toothpaste which has an MRP of Rs 100/- now won't become cheaper after the implementation of GST. I don't believe that manufacturers are going to reduce the MRP after GST.

I am not an economist or an analyst. But as a common man this is what I feel.
Go for unlimited trading monthly-(1000 rs available),

so that no need to pay service tax on brokerage daily,

regarding stt, CTT and stamp duty some one has to clarify-
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  #8  
Old 8th September 2016, 07:42 PM
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Default GST related

With GST being passed in both the houses of the Parliament and now getting the President's approval, there will be a lot of developments in this. Hence a separate thread for this.

Quote:
After President's nod, next steps ahead on GST
Agencies | Sep 8, 2016, 06.29 PM IST

NEW DELHI: President Pranab Mukherjee on Thursday gave assent to the Constitution Amendment Bill+ on Goods and Services Tax (GST), a major step towards rolling out the new indirect tax regime which the Modi government wants to come into effect from April 1 next year.

After the nod from the President and its Gazette notification, the process remains long in implementing the pan-India Goods and Services Tax+ (GST) regime:
  • Parliament will once again have to take up three relevant bills — one to permit the central government to levy a Central GST, another for an Integrated GST where more than one state is involved and then a model bill to facilitate states to levy their respective State GST.

  • In tandem, the states will have to enact+ their own legislation for their respective State GSTs. This is because the GST regime will involve the imposition of both a Central and a State levy, both at preferably identical rates.

  • Another main issue to be addressed is: What will be the GST rate+ ? This remains a matter of hot debate and the various base rates recommended by experts and stakeholders vary from around 15.5 percent to as high as 26 percent.

  • The rate has to be decided by the soon-to-be-formed GST Council+ , which will be chaired by the Union finance minister with all state finance ministers as members.

  • The GST Council also has to put in place a dispute resolution mechanism.

  • The necessary IT infrastructure, too, has to be set up. Towards this, a non-government company was constituted in 2013 — Goods and Services Tax Network. This company has mandated Infosys to provide the IT backbone. The progress in this regard, officials maintain, is as per schedule.

  • The Goods and Services Tax Network has targeted October for the commencement of transferring all existing assessees to the new system, along with software and hardware tests.

  • Training will also begin for some 100,000 officials at the central and state levels who are involved with indirect taxes.

  • The coding of items and the rates of tax into the software is to commence in December, followed by beta runs from February.

  • The system, officials said, is expected to be fully functional by mid-February for trials — in time to meet the targeted roll-out date of April 1, 2017
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http://timesofindia.indiatimes.com/i...95775.cms?null
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  #9  
Old 20th September 2016, 01:15 PM
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Default Re: GST related

A lot of legal language, but it seems that we may be headed for a "double taxation" time with the GST.

GST notification doesn’t end government’s power to levy excise

Read more at:
http://economictimes.indiatimes.com/...campaign=cppst
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Old 1st October 2016, 02:53 PM
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Default Re: GST related

What is this
---------------------------------------------

Centre, States can levy taxes for one year after GST notification: Jaitley

NEW DELHI, SEPT 30:

Laying to rest doubts on the government’s powers to levy indirect taxes after the notification of the Constitution Amendment Act for the goods and services tax regime, Finance Minister Arun Jaitley said that the new legislation empowers the government to continue levying excise duty, service tax and value added tax (VAT) till September 16, 2017.

“Until one year after the provisions of the Constitution (101st Amendment) Act, 2016 is brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services,” he informed the Parliamentary Consultative Committee attached to the Ministry of Finance on Friday.

He further added that the Constitution Amendment Act similarly also empowers the State governments to levy sales tax or VAT on the sale of goods till that time for the same time period.

His comments come after there were questions over the legality of levying excise duty and services tax when provisions of the Constitution Amendment Act for GST had been notified on September 16.

At that time, after discussions with the Law Minister, Revenue Secretary Hasmukh Adhia had said there is “no legal infirmity” in the notifications.

Rollout as per schedule

Meanwhile, in his opening remarks at the meeting, the Finance Minister also expressed confidence that GST will be rolled out from April 1, 2017, adding that the government is following the road map for implementation of indirect tax levy as per the schedule.

Jaitley also assured the Committee that the GST Council is working in a cordial environment.

Members of the Committee also made suggestions and sought clarifications on GST.

“The members hoped that this law will bring relief to the common man by exempting certain essential items from GST and moderate the rate of taxation on other items which in turn will bring down the prices consumption items of the common man as well as cost of living at large,” said an official release.

Read at:
http://www.thehindubusinessline.com/...?homepage=true
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