India welcomes GST: Historic midnight session of Parliament

A hotel owner from Haridwar, Vimal Mishra lamented the implementation of GST.

Jasraj, a resident of Mahalaxmi street in Pali town of Rajasthan, was so excited over the launch of the tax reform that he decided then and there that he should name his daughter “GST”.

He recalled that the Central Hall had been witness to several historic occasions in the past as well, including the first session of the Constituent Assembly, India’s independence, and the adoption of the Constitution, which have set the future course of action on power shift in India.

“This is a breakthrough tax reform and one of the biggest major milestones for the country and its industries”.

GST is going to revolutionise the whole system.

There still remains a lot to be desired as far implementation of GST is concerned. There is one view that it has been pushed too hard and too early without proper infrastructure in place. The range of imposition depends on the price and value of the service in the current day market.

He said the tax on real estate in the Telugu states was 5.75 per cent, which included 1.25 per cent VAT and 4.5 per cent sales tax.

Aggrawal appreciated the new tax system, saying: “It will remove the variation of prices that existed”.

Just when things were starting to get normal in India post the banning of higher-denominated notes, the situation is seemingly getting jittery once again – this time with tax upheaval. “The best brains of the country worked together for GST”.

“There are 500 types of taxes that play their roles”. Once in five-year purchase of a vehicle may cost less now after GST but still beyond the common man’s reach.

The Four Bills that they cleared are the Central GST (C-GST), Integrated GST (I-GST), Union Territory GST (UT-GST) & the Compensation to the States Law.

Industry body CII opines that new tax regime will ease doing business. To ensure this every return filed online under GST has to be absolutely accurate without any scope for errors, a single erroneous entry from manufacturer to distributor and distributor to retailer will lead to mismatch of particulars making it impossible to take input tax credit against the respective transaction. So, if there is a 10% tax that the individual must submit to the government, he can subtract the amount he has paid in taxes at the time of purchase and submits the balance amount to the government and so on.

Besides certain essential items like health care services, salt, unpacked food grains has been kept at zero rated.

However, cheese is also now common in an Indian household, but it will still be charged at the rate of 18%, which will certainly increase in price under GST.