Community GST Tax Payers, Know what is GST Videos

Indian Tax , changes July 2017, Impact explained videos submitted by people

This is android application collection of Videos submitted by people on GST Bill which is going to be implemented with effect from 01 July 2017 all over the INDIA. It will be going to change the corporate sector tax and which will surely impact the normal citizen of India in his/her daily life. We post collection of videos from expert who explains the GST in details about Benefits, Challenges and impacts as mentioned below:

Benefits

GST will reduce the complexity of taxes.

It can facilitate seamless movement of goods across states.

It will reduce the transaction costs of businesses.

The procedure of GST registration would also be made simple, thereby improving the ease of starting a business in India.

There are expectations among experts that with GST, we may see 2% jump in GDP growth.

GST will plug the leakage of tax. This, in turn, gives more money in the government exchequer.

Companies which are under unorganized sector will come under the tax regime.

Number of tax departments will reduce which in turn may lead to less corruption.

In the long run, the lower tax burden can decrease the prices of goods and services.

Challenges

The main road block is the coordination among states and center and states.

Another major hurdle is getting the constitution amended by agreement of both the houses.

Consensus on uniform GST rates

Inter-state transaction of goods and services

Administrative efficiency

Infrastructural preparedness to implement the new tax reform

Criticisms

Some has argued that, whatever federal powers were bestowed upon States by virtue of their powers to tax, will be lost once the GST Bill becomes law.

As per the current arrangements, dispute settlement would be subjected to lengthy court procedures, if the Council is opposed, as GST Dispute Settlement Authority in the proposed Bill will only comply with the jurisdiction of the Supreme Court.

India is adopting a dual GST, wherein the Central GST will be called CGST and state SGST.

Some critics consider GST to be a regressive tax, meaning the poor pay more, as a percentage of their income, than the rich.

Opposition wants a provision capping the GST rate at 18 per cent to be added to the Bill itself.

Deferring the levy of GST on five petroleum products could lead to cascading of taxes.

Additional 1% tax levied on goods that are transported across states dilutes the objective of creating a harmonized national market for goods and services.

Inter-state trade of a good would be more expensive than intra-state trade, with the burden being borne by retail consumers.

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Accounts and Other Records

Under GST all indirect taxes (excise, VAT, service tax) will get subsumed into one GST, thus reducing the number of accounts required to be maintained.

In our article, we have listed the various accounts to be maintained and other records that businesses need to keep under GST.

For example, under GST, a trader has to maintain the following a/cs (apart from accounts like purchase, sales, stock) –

Input CGST a/c

Output CGST a/c

Input SGST a/c

Output SGST a/c

Input IGST a/c

Output IGST a/c

Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)

Consequences of Not Maintaining Proper Records

This section talks about the consequences on defaults in case of non-maintenance of proper records, improper treatment in books of accounts and other related provisions.

So download this android application to know about GST in Details through videos on GST publish by various expert on tax Law of India.