Goods services Tax (GST): It is about to roll on and then again on!

Subodh Bhasin. Dated: 5/26/2017 2:00:24 PM

SUBODH BHASIN Jammu, May 25 When good things are happening then let them be allowed to get bigger as years roll by. Goods and Services Tax (GST) in India is perhaps the most important economic reform item by the Narendra Modi government. The GST Tax will not tax the people but will be a relief transformer from past theories to the present ones. The Union Finance Minister Arun Jaitley who holds the charge of defense together with a double bond for the country promised Jammu and Kashmir government that central government will extend all possible help in restructuring the Goods and Services Tax (GST) implementation for the State while respecting its special status. Goods and Services Tax (GST) is an upcoming system of taxation in India which will merge many individually applied taxes into a single tax. If we want to move forward this is an upcoming wave staring at you. After all everyone is running his/her house hold but then what matters most are the taxes helping the poorer or not. Yes they are, is the answer. ‘At least they can cook at home and eat what they can afford’. GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace taxes levied by the central and state governments. This method allows GST-registered businesses to claim tax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity and people will be benefited. You pay and they sell (at every vegetable market although). The rates are settled along with groceries even. The things are their best and be rest assured the commoner and the poorer class. GST is for the commoners and the poor. As for as implementation of GST in J&K is concerned Naeem Akhtar in recent statement said that the Government is committed to preserve the special position of the State and same will be taken care of when the Goods and Services Tax (GST) is implemented all over India and for its implementation the Government will bring a special bill in the Assembly with comprehensive debate by lawmakers without compromising the special constitutional position of the State. It is worthwhile to mention here that earlier too for Food Security Act or Panchayati Act the State Legislature brought in its own act . The Minister said that with the imposition of GST, products will become cheaper as it will do away the archaic practice of double taxation because of its cascading effect. He said that for a consumer state like J&K, people will be benefited by its implementation. He said that if there is any loss of revenue to the State, Union Government will reimburse the same. Indeed introduction of Goods and Services Tax (GST) is a significant step in the reform of indirect taxation in India and in J&K. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. T he simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent. What we face in Jammu and Kashmir is that goods have to arrive here after paying a lot of taxes along with toll taxes. What the authorities need to check is that if goods Tax is a necessity then check everything. By the way the authorities are in place to do that!

 

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