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Facts about GST (Goods and Service Tax)………………… 5/9/2015 10:58:14 PM Sir, Nowadays, we are hearing and see ing daily a new word GST in media. Recently GST bill taken up in LS. Let's know ……………What is GST? GST is a transparent Tax and also reduce numbers of indirect taxes. With GST implemented a business premises can show the tax applied in the sales invoice. Customer will know exactly how much tax they are paying on the product they bought or services they consumed. GST will not be a cost to registered retailers therefore there will be no hidden taxes and the cost of doing business will be lower. This in turn will help Export being more competitive. GST can also help to diversification of income sources for Government other than income tax and petroleum tax. Under Goods and Services Tax, the tax burden will be divided equally between Manufacturing and services. This can be done through lower tax rate by increase Tax base and reducing exemptions. In GST System both Central GST and State GST will be charged on manufacturing cost and will be collected on point of sale. This will benefit people as prices will come down which in turn will help companies as consumption will increase. Biggest benefit will be that multiple taxes like octroi, central sales tax, state sales tax, entry tax, license fees, turnover tax etc will no longer be present and all that will be brought under the GST. Doing Business now will be easier and more comfortable as various hidden taxation will not be present. Yours etc…. Karan D. Tak Paloura, JMU   Share This News with Your Friends on Social Network     Comment on this Story

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