GST Reform of indirect Taxation

[columbus]

......GST appears INFLATIONARY .Will affect Stock markets adversely.(DOWNwards)

 

[timepass]

......GST appears INFLATIONARY .Will affect Stock markets adversely.(DOWNwards)

The government says that overall it will be inflation neutral.

 

[canikhil]

stock markets are crazy...they go by sentiment...right now there is a very positive GST sentiment in the country...so not sure if it would impact negatively.

 

[columbus]

The government says that overall it will be inflation neutral.

The common man will have to pay a higher price for food grains, groceries, spices and dry fruits under GST. On Pasta and Icecream the price is reduced.
Common man always bother about food grains but not on pasta or icecream.

 

[travi]

The common man will have to pay a higher price for food grains, groceries, spices and dry fruits under GST. On Pasta and Icecream the price is reduced.
Common man always bother about food grains but not on pasta or icecream.

I thought loose food grains, milk, curd and many other items are exempt from GST.
Can we double check on this ?

 

[timepass]

I thought loose food grains, milk, curd and many other items are exempt from GST.
Can we double check on this ?

yeah, raw foods, unbranded foods etc.

I guess milk in pouches will be affected, but not the milk delivered from gaushala.

 

[timepass]

So if I buy a pair of jeans having MRP Rs. 1000, it will cost me Rs. 1180 ? Why wouldn't the shopkeeper give it to me @Rs. 1000 without bill ?

Input credit ?? Meaning the government has already collected the tax from his suppliers ?

So let please untangle it for me.

Readymade Jeans Retailer <<-- Distributor <<-- Manufacturer 1 (who tailors the cloth) <<-- Raw material manufacturers (fabric, buttons, dyes etc).

If the end tax (GST) is 18%, who pays how much and when ? Does the government overcollect the tax and then refund it ?

Just bumping it up. Trying to unravel the tax payable/paid chain. What if the retailer charges me the GST but doesn't submit it to the government ?

 

[cloudTrader]

Just bumping it up. Trying to unravel the tax payable/paid chain. What if the retailer charges me the GST but doesn't submit it to the government ?

Still no clear answers are coming out on this point. Even CA's are holding their tongue on this very ambiguity.

 

[LOVEENAJYOTHI]

GST World Rates

australia ----10%
Bahrain -----5%
Canada -----15%
china---------17%
japan --------8%
Korea ------10%
Kuwait -----5%
Malaysia ----6%
Mauritius -----15%
Mexico ----16%
Myanmar----3%
New Zealand ---15%
Phillipines ---12%
Russian federation--18%
Singapore 7%
South Africa ---14%
Thailand ---7%
UAE-----5%
America (usa). ----7.5%
Vietnam ----10%
Zimbabwe ---15%


India---28%


(and for petrol & diesel we are paying separate tax of 33%)

 

[columbus]

I thought loose food grains, milk, curd and many other items are exempt from GST.
Can we double check on this ?

Yes ,loose food grains from KIRANAWALA will be exempt from GST.
Only Branded (packet) will be charged higher.