online gst registration in india

What is the impact of GST on common man of India?

From our special correspondent                                                  New Delhi, April 11

For any economy, the tax structure is much important. The tax structure makes it easy for the payers to offer the tax timely which can help the government to carry out required welfare tasks for the society. If the tax structure is confusing, the taxpayers prefer to avoid it and keep the activities at a limit which ultimately harm the business as well as a society only. It took a long time for our Government to introduce the GST regime in India. After years of debate and skepticism, the bill finally saw the light of the day in 2017. The GST is one of the most ambitious initiatives taken by our Government for reforming the tax structure of our country. The previous tax system levied several indirect taxes on the taxpayers which needed a resurrection. As a result, the new tax reform was launched to modify as well as unify the tax structure.

The GST registration online India was made mandatory by the Government for all business entities so that the Digitization can get a hold on the tax evaders and establish a transparent tax regime. The GST was a new concept for people and till date fails to impress many. A lot has to do with the ignorance about GST. There are many businesses where the tax structure is not much clear, and it is asked to the concerned authorities to offer the solution for the same.

Here’s a 6 point structure that will offer insight on GST:

1.     What is GST?

GST is the new tax regime applicable to the supply of services and goods that will replace current taxes such as VAT, excise, and service tax.

2.     What is the need for GST?

The old tax system followed different VAT laws in different states which created problems in inter-state business dealings. Also, companies have to comply with three types of taxes- VAT, service tax, and excise. But, GST will bring uniform tax regime across the nation along with full tax credit offering equal footing to big enterprise, SMEs, and startups.

3.     Who has to pay GST?

The GST will have to be paid by all the sellers and manufacturers along with service providers like telecom providers, chartered accountants, consultants, and the likes who have to comply with GST registration online India. Being an indirect tax, ultimately it will be borne by end consumers only!

4.     Types of GST implemented in India

Indian will implement the dual model of GST; both state and central government will collect GST. The three types of GST are:

-         CGST

-         SGST

-         IGST

5.     What are the GST rates?

The GST will have four different tax slabs with 5%, 12%, 18%, and 28%.

6.     How will GST impact the common man?

Reduction in price:

-         FMCG goods

-         Dining out

-         Small cars

-         DTH

Increase in price:

-         Luxury cars

-         Tobacco

-         Beverages

-         Textiles