GST was imposed on midnight of 1st July 2017 which is considered as reform and is also called an as #GSTdoosriazaadi by BJP. India is a country that has all types of people and also of all strata (Rich, Middle Class, and even lower middle class and even poor) so the government’s view of this GST is “One Tax One Nation “. We all know that there are some tax slabs which are 0%, 5%, 12%, 18%, 2, % and these slabs are for different items which are classified and are different for every product, Sarcastically if India was full of taxes earlier then also India comprises of many people who lack knowledge, as we switch across channels or even we personally visit people, we will find many people who don’t even know what GST is but still, they are against this regime. Sarcastically now we don’t have as many taxes but we still have such people who are meant just to criticize knowledge for them doesn’t matter, what matters to them is critical.Many Businesses are worried and are unhappy with this step but the best thing that government has done is that businesses with a turnover of 20 Lakh or less do not have to register on the GST portal or GSTN ( Good & Services Tax Network) and Businesses with turnover of 75 lakh have to register on GSTN and if they are manufacturing units they have to pay 2% Tax and if they are Trading they have to pay Only 1% Tax and all the rest GST is on the consumer and not the traders or manufacturers, this is for everyone no matter how much a business earns except 20 Lakh or less as mentioned before. and also the government will even bring down the GST in some cases if required as the GST for fertilizers was brought down from 12% to 5% so if the government feels they will bring them down.
If we look at the pattern & trend, a lot of people who are protesting and are against GST will be in favor of the same GST in a matter of time, this also happened when demonetization took place.
At the time of note ban, everyone protested and said that it will have a bad impact on the economy and some parties also said that it will have a very bad political impact on the party itself but nothing that sought happened. Recently According to a report in Economic Times, “Indians’ money in Swiss banks hits record low of 676 million francs” ( earlier figures were double )
Just think this type of news is coming after demonetization, so doesn’t this mean that demonetization had an impact?
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Now as this Network is just launched so here are some questions which will make the concept clearer Kindly read this:
1. Who is an existing taxpayer?
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Central Excise
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Service Tax
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State Sales Tax or VAT (except exclusive liquor dealers if registered under VAT)
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Entry Tax
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Luxury Tax
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Entertainment Tax (except levied by the local bodies)
2. What does the word ‘enrolment’ under the GST Common Portal mean?
3. Do I need to enroll for GST?
4. Why do I need to enroll myself as a taxpayer on the GST Common Portal?
5. Who is not liable to register under GST?
6. Are existing taxpayers required to enroll separately with Central and State authorities under GST?
Know more about GST hereSome General GST Rates are here:
Apart from these images, the full detailed list can also be viewed on
this website
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B2B- Only 1 Return
B2C- Have to Upload Invoices
But still, this system is much easier than the earlier implemented VAT System
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GST is a very good initiative and also an easy way of seeing the taxation percentages and amount and this also gives the non-tax payers a chance to pay tax as many of the taxpayers did not pay tax earlier because of the complexity of the systems but now they have no choice of not paying the tax and can now easily pay with the help of this GSTN.
This Simplified way on the Backend of GSTN has a very complex structure in which payments will travel on an hourly basis every day.
Technology has simplified our life so much that everything can be completed with the click of a button and can be left everything on machine learning and artificial intelligence.
- 20 Lakh or less-( No Registration No Taxes )
- 75 Lakh or less -Manufacturing 2% Trading 1%
- Turnover in Crores
Sources-2. Cleartax
3. Google
4. GST Websites and ManualsHere is the GST Comparision with India and Other countries Now India will be continuing to grow and will be considered as the fastest growing economy in the whole world.
All eyes today are on India and India took an advantage and took out a reform such as GST which will change the present situations and will be now saving people from different types of taxes which were 17 Taxes and 22 Cesssess and other local state taxes.
GST, a new way towards Transforming India and Bringing India as a developed country in the eyes of the whole world, no matter what other parties and people say GST is Implemented to simplify the lives and it will simplify the lives.
