 Early Times Report
Jammu, Feb 21: Institute of Management Sciences (IMS) organized an extension lecture on Goods and Services Tax (GST) in the campus today the 21st of February, 2018 for the students of MBA and BBA, Department of Management Studies.
Prof. SK Gupta, Dean Academic of the Institute was the resource person. Prof. Gupta informed the gathering that on 30th June, 2017 during a Special Session of Parliament at night, the Goods and Services Tax (GST) was launched in the country.
He further said that it is one of the major revolutionary tax reforms in the country after independence. Under this tax system, existing in developed countries such as France, UK and Canada etc., the tax payers in India will pay a consolidated tax instead of the plethora of indirect taxes such as VAT, Central Excise, Services tax, Entry Tax or Octroi, Central surcharge & cess, luxury tax, entertainment tax and a few other indirect taxes.
While delivering the lecture, Prof. Gupta said that GST will be payable at the final point of consumption on the prices of goods and services, termed as "Transaction value". This transaction value or actual paid price, while buying the goods or service will include packaging cost, commission & all other expenses incurred for the sales.
He informed that to start with, GST Council has finalized four tax rate slabs of 5%, 12%, 18% & 28% for goods & services. He further explained that prior to implementation of GST, for example, entrepreneurs having business interests in different states, would have to deal with different tax rates in value added tax(VAT) paid by them.
However, while filing for GST, they have to execute only two types of registration, one for State-GST and another for Central-GST. Also with GST all States in India will have the same tax rate, which will bring down the logistics costs for making business. Thus at this juncture the Indian startup community stands to gain considerably from the implementation of GST in the days to come. He also discussed a number of other advantages of GST like removal of cascading effect i.e. tax on tax, there will be seem less flow of goods and services across the nation, there will be uniform price all over the country. |
