What Is GST (Goods & Services Tax) - Details & Benefits

11/5/2016
WhatisGST(Goods&ServicesTax):Details&Benefits
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What is GST (Goods & Services Tax) : Details &

Benefits
Last updated: November 3, 2016 | by Sreekanth Reddy 80 Comments
The present structure of Indirect Taxes is very complex in India. There are so many types of
taxes that are levied by the Central and State Governments on Goods & Services.
We have to pay Entertainment Tax for watching a movie. We have to pay Value Added Tax
(VAT) on purchasing goods & services. And there are Excise duties, Import Duties, Luxury Tax,
Central Sales Tax, Service Tax.hhmmm
As of today some of these taxes are levied by the Central Government and some are by the
State governments. How nice will it be if there is only one unified tax rate instead of all these
taxes?
In this post, let us understand what is Goods and Services Tax and its importance. What are
the benefits of GST Bill to Corp orates, common man and end consumer? What are the
advantages, disadvantages and challenges?
What is GST?
It has been long pending issue to streamline all the different types of indirect taxes and
implement a single taxation system. This system is called as GST ( GST is the abbreviated
http://www.relakhs.com/gstgoodsservicestaxinindia/
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form of Goods & Services Tax). The main expectation from this system is to abolish all indirect
taxes and only GST would be levied. As the name suggests, the GST will be levied both on
Goods and Services.
GST was first introduced during 2007-08 budget session. On 17th December 2014, the current
Union Cabinet ministry approved the proposal for introduction GST Constitutional
Amendment Bill. On 19th of December 2014, the bill was presented on GST in Loksabha. The Bill
will be tabled and taken up for discussion during the coming Budget session. The current
central government is very determined to implement GST Constitutional Amendment Bill.
GST is a tax that we need to pay on supply of goods & services. Any person, who is providing
or supplying goods and services is liable to charge GST.
How is GST applied?
GST is a consumption based tax/levy. It is based on the Destination principle. GST is applied
on goods and services at the place where final/actual consumption happens.
GST is collected on value-added goods and services at each stage of sale or purchase in the
supply chain. GST paid on the procurement of goods and services can be set off against that
payable on the supply of goods or services.The manufacturer or wholesaler or retailer will pay
the applicable GST rate but will claim back through tax credit mechanism.
But being the last person in the supply chain, the end consumer has to bear this tax and so, in
many respects, GST is like a last-point retail tax. GST is going to be collected at point of Sale.
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The GST is an indirect tax which means that the tax is passed on till the last stage wherein it is
the customer of the goods and services who bears the tax. This is the case even today for all
indirect taxes but the difference under the GST is that with streamlining of the multiple taxes
the final cost to the customer will come out to be lower on the elimination of double charging
in the system.
Let us understand the above supply chain of GST with an example:
The current tax structure does not allow a business person to take tax credits. There are lot of
chances that double taxation takes place at every step of supply chain. This may set to change
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with the implementation of GST.

Indian Government is opting for Dual System GST. This system will have two components
which will be known as
Central Goods and Service Tax (CGST) and
State Goods and Service Tax (SGST).
The current taxes like Excise duties, service tax, custom duty etc will be merged under CGST.
The taxes like sales tax, entertainment tax, VAT and other state taxes will be included in SGST.
So, how is GST Levied? GST will be levied on the place of consumption of Goods and services.
It can be levied on :
Intra-state supply and consumption of goods & services
Inter-state movement of goods
Import of Goods & Services
What is the applicable GST rate?

The rate (percentage) of GST is not yet decided. As mentioned in the above table, there might
be CGST, SGST and Integrated GST rates. It is also widely believed that there will be 2 or 3
rates based on the importance of goods. Like, the rates can be lower for essential goods and
could be high for precious/luxury items.
Benefits of GST Bill implementation
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The tax structure will be made lean and simple

The entire Indian market will be a unified market which may translate into lower business
costs. It can facilitate seamless movement of goods across states and reduce the
transaction costs of businesses.
It is good for export oriented businesses. Because it is not applied for goods/services
which are exported out of India.
In the long run, the lower tax burden could translate into lower prices on goods for
consumers.
The Suppliers, manufacturers, wholesalers and retailers are able to recover GST incurred
RelakhsFinancialServices
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on input costs as tax credits. This reduces the cost of doing business, thus enabling fairer
prices for consumers.
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It can
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bring more transparency
and better compliance.
Number of departments (tax departments) will reduce which in turn may lead to less
Bethefirstofyourfriendstolikethis
corruption
More business entities will come under the tax system thus widening the tax base. This
may lead to better and more tax revenue collections.
Companies which are under unorganized sector will come under tax regime.
Challenges for implementing Goods & Services Tax system
The bill is yet to be tabled and passed in the Parliament
To implement the bill (if cleared by the Parliament) there has to be lot changes at
administration level, Information Technology integration has to happen, sound IT
infrastructure is needed, the state governments has to be compensated for the loss of
revenues (if any) and many more..
GST, being a consumption-based tax, states with higher consumption of goods and
services will have better revenues. So, the co-operation from state governments would
be one of the key factors for the successful implementation of GST
Since GST replaces many cascading taxes, the common man may benefit after implementing
it. But it all depends on what rate the GST is going to be fixed at? Also, Small Traders (based
on Annual Business turnover) may be exempted from it.
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France was the first country to introduce this system in 1954. Nearly 140 countries are
following this tax system. GST could be the next biggest tax reform in India. This reform could
be a continuing process until it is fully evolved. We need to wait few more months for more
details on Goods & Services Tax system.
Latest update on GSTRate Structure (03-Nov-2016) : A four-tier GST tax slabs have been
decided by the Finance ministry. Below are the details;
Zero Tax rate :There wont be any tax on almost 50 % of items in the Consumer Price
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Index basket,
including grains used by the common man.
5% Tax slab : This is applicable on items of mass consumption used by common people.
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There
Share rates of 12% and 18% under the GST regime.

would be two standard
All the items (especially luxury items) which are now taxed at around 30% will fall under
28% GST rate slab.

An additional cess would also be levied on luxury cars, tobacco products & aerated drinks
besides the highest tax rate (28%).
The tax rate proposal will now be placed in Parliament for its approval.
Latest News on GST Bill (08-Sep-2016) GST Bill gets Presidents (Shri Pranab Mukherjee)
nod.The enactment of the bill will now pave the way for the setting up of the GST council.
Latest Newson GST Bill 2016 (03-August-2016) Rajya Sabha passes GST Bill.What next?
The passage of the GST constitutional bill will lead to the setup of the GST council. The
council will then deliberate upon the exact GST rate, which will be ratified by the States. The
final and actual GST Bill will likely be taken up in Winter Session of the Parliament.
Latest news (14-June-2016) : Ministry of Finance releases Draft GST Bill. Click here to
download GST Draft Bill 2016 PDF.
Latest News (24-Apr-2015) : Finance Minister, Arun Jaitely has tabled the GST Bill in Lok Sabha.
Do you think GST Bill is going to be the game changer for Indian economy? Do share your
views and thoughts.
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(Image courtesy of Stuart Miles at FreeDigitalPhotos.net)

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Sreekanth Reddy
Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner
(CFP), engaged in blogging, financial counseling & property consultancy for the last 6 years
through his firm ReLakhs Financial Services . He is not associated with any Financial product /
service provider. The main aim of his blog is to "help investors take informed financial decisions."
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80 Comments on "What is GST (Goods & Services Tax) : Details & Benefits"
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monika
what is tax credit?

Guest
November 4, 2016 12:00 pm
REPLY
Sreekanth Reddy
Dear monika ..It is lke claiming Refund to offset the tax liability.
Author
REPLY
Today 3:47 pm
Sagar C
Guest
I like the article but tell me how it help the consumer or final buyer with the cost effectiveness. He has
to bear all the taxes of all the middle people who plays role in between. it made simple to pay taxes in
single window. but there is no difference in the amount for the final user.
REPLY
Sreekanth Reddy
Author
Dear Sagar..It depends on the tax structure and the type of goods a common man
use/consume. As per the latest proposed GST tax structure , most the essential commodities
will have either zero or 5% tax slab rate. But lets wait for few more months to have complete
idea on this!
REPLY
Today 2:37 pm
Rahul
8/25
11/5/2016
Guest
Very nice. Superb explanation about GST . Waiting for some other articles published by you
Will follow u in twitter
October 18, 2016 11:21 pm
REPLY
Sreekanth Reddy
Thank you dear Rahul..See you on Twitter
Author
October 19, 2016 3:31 pm
REPLY
Vijay D. Barve
6,262likes
Dear Sir GST Applicable for Real Esate Or Not
Guest
October 19, 2016 10:16 am
REPLY
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Rohan
Guest
Very good article to know About GST .

Thank you very much REDDY SIR.
October 16, 2016 5:06 pm
REPLY
TAPOSH MUKHERJEE
Guest
Sir,
Please give your valuable advise If we are purchasing goods(medicines) Under F.Form We cannot
Resell them as Free Deals ( Bonus offer ) that according to Assessing Authority is violation of CST Act
All such Free deals/Bonus are to be Received as free from the supplying dealer .
October 7, 2016 2:03 pm
REPLY
Sreekanth Reddy
Dear TAPOSH ..I do not have the required expertise on GST. Kindly consult a CA.
Author
October 8, 2016 8:17 pm
REPLY
TAPOSH MUKHERJEE
Guest
Sir,
I just want to know that, qutt. of Freedeals(Bonus) include in Form-F or not,please
advise.
REPLY
October 12, 2016 8:59 am
9/25
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Very good article to know About GST
Anvesh Prajapati
Thank You Sreekanth Reddy Sir
Guest
September 28, 2016 1:27 pm
REPLY
sahara milling system pvt.ltd
Guest
I am small manufacturer of Modern Rice Mill Machinery, its spare parts and components, my
maximum business interstate, if GST comes will the Govt. abolish C form? suppose unregistered
buyers how to sale my product? I need separate commodity code for Rice Mill Machinery and its spare
parts , do not put us under common category under Machinery , the State Govt. and Central Govt.
must allot separate category and Tax percentage for Rice Mill Machinery and its spare parts and its
components, so that it is easier to file monthly returns.
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A
Dear Sir,
Guest
We are doing sales and Services business you can say trading business. I have question, GST will be
start from 1st April but if we have old stock of spares etc. then how GST will be calculated.
Thanks
REPLY
Sreekanth Reddy
Author
Dear,
The old stock if sold after the GST implementation gets impacted as per the new GST rate.
I believe that the Govt might give some time to the business houses to clear up the stock,
before implementing the GST.
REPLY
M RAMKRISHNA
good article . lot of knowledge gained.
Guest
REPLY
August 31, 2016 4:27 pm
Naresh Pohuja
Hi, Sreekanth
Guest
Approximately 160 countries have GST and many countries provide Free Medical facilities, Free
Education, Good Infra with no other extra tax. Any information on how India will provide benefits to
common man from the revenue earned through GST
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August 30, 2016 5:15 pm
REPLY
SHWETHA N
Guest
GST IS VERY USEFULL FOR CAMONE PEPOLE . IT IS ONE DIRECTD TEX FOR WHOLE NATION. I AM
HAPPY BECAUSE GST AMMENDMENT DLILL PASS IN PERLIMENT.IT IS FINE SIR
August 22, 2016 12:51 pm
REPLY
CA.H.Krishnan
Guest
Good article in simple language.

Overall CAS practice will shrink!
6,262likes
August 21, 2016 8:33 am
REPLY
LikePage
Jab bhi GST lagega

Guest
Share
suresh pagare
to Accounting Association ko fayda honga ya nuksan clients badega ya kam hoga
plz reply
Thanks
August 16, 2016 6:10 pm
REPLY
sushanta sahoo
Guest
dekho agar GST bill lagu hota he to ye overall sab ke liye benifit hoga. basicaly end customer
ko haga. GST se tax rate ek single rate ho jayega. ish ka ye matlap nehi ki , hamko tax
caluclation nehi karna padega. har business sector ko jarurat hoga ek accountant ki for
calculation of tax and other financial activities. fikar mat karo , Gst kisivi taraka luksan nehi
dega hamari accounting association ko. or rahi bat clients ki. clients vi ayege par jo tax
compute ke liye srif ate the ow saye de reduce ho sakta he. par overall itRead more
REPLY
August 16, 2016 8:08 pm
Saran.M.L
G S T is a boon not a curse
Guest
REPLY
August 15, 2016 9:59 pm
Prasad
Guest
Currently a trader who is having a sales turnover of say Rs 70 lakhs and service income of Rs 7 lakhs
does not pay any service tax. Pl clarify if under GST how this service income will be treated? Whether
it will be taxed on not?
REPLY
August 12, 2016 10:22 am
11/25
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sushanta sahoo
after implement GST bill, a PAN number impose on every
trader under tax department, becz the tax under GST levied and collected through online. no
one can retain tax liability. after GST, such trader also pay GST tax on services of RS 7la to
govt.
Guest
August 16, 2016 8:12 pm
REPLY
Sreekanth Reddy
Dear Prasad ..As of now, I do not have answer to your question. You may kindly check with a
CA.
Author
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August 14, 2016 5:57 pm
REPLY
Ranjan
Share
Everybody discuss regarding advantage of GST. Is there any disadvantage.

Guest
August 9, 2016 11:32 pm
REPLY
sushanta sahoo
yes, there have some disadvantages of GST bill.
the revenue of state govt may be reduce
to impact on food product, the price of food product become rise
to impact on housing and constraction indusries in India
the price of pocket goods become rise
to impact on small scale industry
Guest
August 16, 2016 8:21 pm
REPLY
Sreekanth Reddy
Thank you so much dear sushanta for sharing your views..Keep visiting!
Author
REPLY
August 17, 2016 4:29 pm
Prashant Madye
Hi,
Guest
I am namkeen manufacturer. Doing business in Mumbai it self. Its small Gruha Udyog. GST is
beneficial to us. because earlier we are not fall in vat category because our sale is less than Rs.
500000/-.
Please advice.
REPLY
August 8, 2016 5:56 pm
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JAWAHAR LAL SHAH
Guest
SIR JI, MAIN JANNA CHAHATA HOON KI GST LAGOO HONE KE BAAD BHI, RETAILOR KO ABHI KI
TARAH VAT RETURN FILE QUATERLY SUBMIT KARNA PAREGA KYA?
August 7, 2016 4:08 pm
REPLY
Sreekanth Reddy
Dear JAWAHAR ..VAT will be replaced.
Author
August 9, 2016 6:36 pm
REPLY
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Sreenivasa
Reddy
Good Information! will see if common man gets benefit.

Guest
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REPLY
August 6, 2016 11:46 am
Arul
Guest
Dear Sir,
Please explain,
1. what GST tax components(I.e CGST, SGST , IGST) will comec for bank charge service tax , travel
service tax , insurance premium service tax and etc .
2. Whether reverse charge mechanism is available in GST
3. Whether GTA concept is available in GST
Thanks in advance
Arul
REPLY
August 5, 2016 10:26 pm
Sameer
It is a welcome move to make it simpler to do business in India
Guest
REPLY
August 4, 2016 5:20 pm
chirag
Guest
Stage 1 Imagine a manufacturer of, say, shirts. He buys raw material or inputs cloth, thread, buttons,
tailoring equipment worth Rs 100, a sum that includes a tax of Rs 10. With these raw materials, he
manufactures a shirt. In the process of creating the shirt, the manufacturer adds value to the
materials he started out with. Let us take this value added by him to be Rs 30. The gross value of his
good would, then, be Rs 100 + 30, or Rs 130. At a tax rate of 10%, the tax on output (this shirt)
willRead more
REPLY
August 4, 2016 1:08 pm
13/25
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Sreekanth Reddy
Author
Dear chirag,
Thank you for explaining the GST mechanism in a detailed way.
The key point is GST tax Rate here. Also, some for some sectors it can have a negative impact.
But overall, it is a positive factor for our economy in long-run.
And a much needed tax reform.
August 4, 2016 7:46 pm
REPLY
KACHAMWAR NAGESH
Good information for GST is more important in india
Guest
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September 14, 2016 11:56 am
REPLY
LikePageManoj
Kumar Agarwal
Share
Hi Sreekanth
Guest
In your example let us say weaver is Mumbai. Retailer and customer are in Kolkata.
1) Will weaver get tax credit from Mumbai state government ?
2) Will the GST paid by customer Kolkata state government revenue?
If answer to the above questions are yes, then will producer state loose revenue and consumer states
will gain revenues?
Please advise.
August 4, 2016 11:28 am
REPLY
Sreekanth Reddy
Author
Dear Manoj,
Thats the reason why Centre is proposing to provide financial assistance to the States for loss
of revenue for the next 5 years or so.
This is one of the main reasons why some State Govts are opposing the GST bill.
REPLY
August 4, 2016 7:41 pm
Prem
Guest
Thanks for nice article,

Since stock market is down from last 5 days so Sreekanth, do you think its nice time to do the
lumpsum investment, considering GST will have positive impact on economy in long term.
Thanks
REPLY
August 4, 2016 9:46 am
14/25
11/5/2016
Dear Prem,
GST can be considered as a major tax reform but the
Sreekanth Reddy
Author
benefits may be seen over a long run.

Also, kindly do not try to time the market based on just one or two events.
Kindly invest in Equity markets for long-term and anytime can be a good time to invest
August 4, 2016 7:39 pm
REPLY
Sridharan
Guest
Nice article I have one doubt. Basic custom duty include in Gst. Please advise us. Thanks in
advance..
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REPLY
Sreekanth Reddy
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August 3, 2016 10:10 pm
Share
Dear Sridharan.. I believe that Customs Duty is not going to be replaced by GST.
Author
REPLY
August 4, 2016 7:37 pm
Mahesh Mishra
Guest
Now I apply voluntary vat for my ecommerce in maharashtra, so how i collect my deposit back after
gst,
August 2, 2016 9:58 am
REPLY
Biswajit Bhattacharjee
Guest
Sir
please let us know in exemted area like Himachal pradesh, shikim, Assam is GST aplicable?
July 30, 2016 7:52 pm
REPLY
Sreekanth Reddy
Dear Biswajit .. Yes it will be applicable .
Author
REPLY
July 31, 2016 12:02 pm
Dhanalakshmi
Guest
This article was very simple to understand as well as informative. I am a post graduate student in
commerce & i am currently looking for a dissertation topic. Do you think GST is a researchable topic ?
REPLY
July 29, 2016 8:39 pm
15/25
11/5/2016
Sreekanth Reddy
Author
Why not dear Dhanalakshmi.

July 30, 2016 11:22 am
REPLY
PAWAN
Guest
SIR
PLS TELL ME HOW WAS CHARGED GST IN TRANSPORTER
July 20, 2016 7:42 pm
REPLY
ASHSH
6,262likes
PRADHAN
i think gst implimation tax borden falls on consumer other manf,whoesel. are benifited. no dout
eeconomic are devif flat rate are low is suitable for all
Guest
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July 20, 2016 11:16 am
REPLY
PVRS Sastry
Guest
GST may result to increase revenue to central government and states will could not found reasonable
revenue from central government and also it may benefit to common people (end consumers) instead
of hassling from various tax levies
July 14, 2016 6:27 pm
REPLY
M.J. LANGHE
how the GST APPLICABELE ON CONSTRUCTION
Guest
August 5, 2016 1:42 pm
REPLY
Sreekanth Reddy
Author
Dear Langhe,
I believe that Prices of completed apartments/properties will not be affected as GST will
not be applicable on completed immovable properties.
However, prices of under-construction properties might get affected (increase) once the
GST rolls out, but this again depends on the exact gst tax rate. Lets wait for few more
months to get more clarity.
REPLY
August 6, 2016 6:12 pm
VIKRANT BHARGAV
Guest
DEAR SIR, PLZ GIVE ME FULL GST BILL ACT IN HINDI LANGUAGE.ON MY EMAIL ID.
I WILL GRATEFUL TO U.THANKS
16/25
11/5/2016
July 13, 2016 12:58 pm
REPLY
Sreekanth Reddy
Dear VIKRANT ..As of now, I do not have the bill in hindi..
Author
REPLY
July 14, 2016 10:31 am
Tushar
Hi Sreekanth,
Guest
Can you please explain it to me by giving an example, which compares the current Tax value and the
Tax value after GST? Lets say I had a Mc Aloo Tikki Meal for 100 at McDonalds. So, what is the tax
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that I am paying today and what will be the tax that I will pay after GST is implemented.
I am a starter in this. Plus, the tax value will decide whether people will support it or not..
LikePageAnd
please keep writing such

nice articles.
Share
Thank You
June 26, 2016 6:22 pm
REPLY
Sreekanth Reddy
Author
Dear Tushar,
If we assume 17% as the GST tax rate, then the tax amount would be Rs 17 for the given
example.
Lets take the current scenario : I had an ice cream in Ibaco. They have charged me VAT @
14.5% and Service Tax @ 5.6%. So, the total taxes is more than the assumed GST rate.
REPLY
June 27, 2016 11:57 am
Manohar Rao
Guest
There are lot of confusions in this bill.While a single tax structure is good as it simplifies the system
and corruption will also reduce but it will not benefit the end user. For example, if I go to cinema
theater to watch a movie then I should be paying only entertainment tax, why I should pay VAT as no
value is added when the movie comes to a theater, why I should pay service tax as no service is
provided at the theaters,why I should pay all goods related taxes as their are no goods involved here.
With GST IRead more
June 21, 2016 8:51 am
REPLY
Sreekanth Reddy
Author
Dear Manohar..Thank you for sharing your views. It also depends on the rate of tax. It may
balance it out??
REPLY
June 22, 2016 10:40 am
17/25
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Sanjeev Dhurwey
Guest
Rate of tax would be anything between 18% to 23% for sure. Because, they have to
generate funds at the end of the day. I agree with Manohar jee. Business sector will
certainly get benefited, but the end user and especially a middle class and lower, will get
affected. But i think we will get habituated to GST also after few months. Initially we
discuss like and this and everybody becomes part and parcel of the system, as we have
to abide by! what say:-(
August 5, 2016 2:20 pm
REPLY
Nikhil Waghmare
Thank for such a valuable information
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Guest
but i am of the opinion that the common man defiantly suffer in because of GST.
June 16, 2016 2:36 pm
REPLY
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Sreekanth
Reddy
Dear Nikhil..May I know why do you think so? Kindly share your views.
Author
REPLY
June 17, 2016 11:00 am
bablu mnadal
Guest
i think that it is good proposal of introducing single tax instead of multiple taxes.it has various
advantages and disadvantages .it will reduce work load like payment of various taxes,filing of return.nd
it will reduce cooruption.it will lead to less inflow of money in the economy nd such a manner it will
be helpfgul in controlling inflation in the economy
April 26, 2016 1:22 pm
REPLY
S K MALHOTRA
Guest
Dear Sir,
Am Senior Citizen like so many others who have only Rental Income EXCEEDING 10 LACS attracting
Service Tax Liability. As ONLY SERVICES are involved, therefore, in such cases is GOVT. considering
SEPARATE SERVICES TAX SLAB being GST is NOT APPLICABLE.
Please clarify & suggest.
March 22, 2016 5:01 pm
REPLY
Sreekanth Reddy
Author
Dear MR MALHOTRA..I am not sure about this and lets wait for some more time to have a
clarity on this.
REPLY
March 23, 2016 11:28 am
18/25
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Krishna murthy m.
Guest
Sir, Nice article. The GST Bill will be passed certainly. As you said just it is a political game to not to
claim the credit by BJP. First the UPA Govt. only proposed the GST Bill. Finally they will combine to
pass the bill. Any how that is different issue. But finally what I am feeling that only corporate people ,
manufactures, retailers and service providers only will get more benefits. what ever tax rate it may be
(16%- 18%), One side , they are going to get back GST as input tax credit and they have the right
toRead more
REPLY
Sreekanth Reddy
Dear Krishna,
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Author
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Thank you for sharing your views.

In most of scenarios, it is the middle-man who make lot of profits. The end-user is always at
the receiving end.
Lets wait for more Share
clarity on GST bill and also about the final tax rate.
REPLY
November 29, 2015 12:20 pm
Sreekanth Reddy
Author
Dear Krishna,
Thank you for sharing your views.
In most of scenarios, it is the middle-man who make lot of profits. The end-user is always at
the receiving end.
Lets wait for more clarity on GST bill and also about the final tax rate.
REPLY
November 29, 2015 12:20 pm
S. Shriram
Guest
Dear Sreekanth, this is a very beautiful article. It is very well written in a manner that even a nonfinancial guy (like me) can understand. Keep up the great work. Will look forward to your other
articles as I have bookmarked your page. I have a few questions? 1. there has been nasty arguments in
our parliament recently, with our political leaders not coming to an amicable resolution on passing the
GST bill. What are the governments next steps? Is there a government website where a common man
(like us) can track the status of the GST bill progression? 2.Read more
October 25, 2015 1:29 pm
REPLY
Sreekanth Reddy
Author
Dear Shriram, Thank you for sharing your views

I believe that implementation of GST is
beneficial to our economy. There will be challenges or initial hicups after the implementation,
but the benefits will be immense over the long-run. You & me, most of the business houses
and the current govt would like to implement the GST bill ASAP. But the current opposition
parties are stalling it due to political differences and nothing else. They may not like to pass on
the credit of GST bill implementation to the current govt. The govt does not have clear
majority in RajyasabhaRead more
19/25
11/5/2016
October 26, 2015 7:22 pm
REPLY
Shriram S
Thank you Sreekanth, for the prompt reply! Praying for the bihar results. Just found your
page on facebook. Look forward to check up on your page regularly. Again, keep up the
great writing work. Wishing your more success.
Guest
REPLY
October 29, 2015 11:29 pm
Ravi Modi
I am having small pvt ltd company dealing in computer parts & computers. Our main activity is trading
parts & assembly of computers . I have few queries regarding excise & gst. As our
business is expanding we will shortly be exceeding the exemption limit for excise. In excise unit
separate premise have to be maintained with various registers to be maintained to avail modvat credit.
For small to medium manufacturer
where trading activity is also involved it is difficult to maintain all
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the records. If GST is implemented will there be any change in record keeping forRead more
Guest
of computer
6,262likes
REPLY
June 15, 2015 2:50 pm
Sreekanth Reddy
Author
Dear Ravi,
Kindly consult a practicing Chartered Accountant.
REPLY
June 16, 2015 10:35 am
Dayanand Gondhalekar
Guest
can any one tell that

Whether service tax introcud
with the intention to abolish sales tax
June 1, 2015 11:46 am
REPLY
Nagaraj B R
Thank you very much Sreekanth Reddy for giving detailed information of GST
Guest
April 25, 2015 12:27 am
REPLY
Sreekanth Reddy
Dear Nagaraj..Thank you and keep visiting!
Author
REPLY
April 25, 2015 10:33 am
20/25
11/5/2016
Excellent presentation of the topic. Do you think

which are the sectors that will benefit after the
Raghav Mohanty
implementation of gst?
Guest
January 2, 2015 2:53 pm
REPLY
Sreekanth Reddy
Dear Raghav,
Thank you! There are lot of players (companies) in different sectors who fall under
Author
unorganized category. Most of these companies will come under tax regime after the
implementation of GST. This will lead to reduction in their competitiveness compared withe
organized players. There is high percentage of unorganized players in certain sectors like
6,262likes Paints, Sanitaryware, Textiles, Batteries, FMCG, Footwear etc..
Hence companies which fall under these sectors can benefit.
REPLY
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January 2, 2015 7:39 pm
Rajiv Ahuja
Informative article.
Guest
January 2, 2015 2:44 pm
REPLY
Sreekanth Reddy
Author
Dear Rajiv Ahuja,

Thank you. Keep visiting!
REPLY
January 2, 2015 7:35 pm
e.g.TaxPlanning
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Ho me Abo utReLakhs Q&AFo rum Co ntact LatestNews Archive

What is GST (Goods & Services Tax) : Details &

with the implementation of GST.

What is the applicable GST rate?

The tax structure will be made lean and simple

on Annual Business turnover) may be exempted from it.

including grains used by the common man.

Share rates of 12% and 18% under the GST regime.

28% GST rate slab.

(Image courtesy of Stuart Miles at FreeDigitalPhotos.net)

Form 12BB New Form to claim Income Tax Deductions by Employees

How to make your Income Tax eFiling Account more secured?

Why you should think beyond TAX when investing!

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what is tax credit?

Dear Sir GST Applicable for Real Esate Or Not

Very good article to know About GST .

October 12, 2016 8:59 am

Very good article to know About GST

September 28, 2016 1:27 pm

sahara milling system pvt.ltd

September 14, 2016 1:43 pm

August 31, 2016 4:27 pm

Good article in simple language.

August 21, 2016 8:33 am

Jab bhi GST lagega

to Accounting Association ko fayda honga ya nuksan clients badega ya kam hoga

August 16, 2016 8:08 pm

August 15, 2016 9:59 pm

August 12, 2016 10:22 am

August 16, 2016 8:12 pm

August 14, 2016 5:57 pm

Everybody discuss regarding advantage of GST. Is there any disadvantage.

August 16, 2016 8:21 pm

August 17, 2016 4:29 pm

August 8, 2016 5:56 pm

JAWAHAR LAL SHAH

Good Information! will see if common man gets benefit.

August 6, 2016 11:46 am

August 5, 2016 10:26 pm

August 4, 2016 5:20 pm

August 4, 2016 1:08 pm

September 14, 2016 11:56 am

August 4, 2016 7:41 pm

Thanks for nice article,

August 4, 2016 9:46 am

benefits may be seen over a long run.

August 3, 2016 10:10 pm

August 4, 2016 7:37 pm

July 31, 2016 12:02 pm

July 29, 2016 8:39 pm

Why not dear Dhanalakshmi.

July 20, 2016 11:16 am

August 6, 2016 6:12 pm

July 14, 2016 10:31 am

please keep writing such

June 27, 2016 11:57 am

June 22, 2016 10:40 am

June 17, 2016 11:00 am

March 23, 2016 11:28 am

Thank you for sharing your views.

November 29, 2015 12:20 pm