The most trending one in India today and comes from everyone to hear is “GST Bill”. ‘GST Bill’ has revolutionized the entire tax system in India and going to have an adverse impact on the tax system.Even with the Goods and Services Tax (GST) coming into effect only two days from now, several businesses aren’t ready for it.
GST requires all businesses, including e-commerce, to register under the tax regime for which businesses need to take concrete steps.A recent CA Club India survey showed only 38% of 1,100-odd respondents was prepared for the roll-out.
Is India ready for GST Bill?
Everyone now is aware about the GST Bill (What is GST bill??). Let’s now have a look on how will it effect and whom?? Categorizing it with the following-
Let’s start with the basic need- Roti, Kapda, Car
According to the new GST Bill norms – Coconut,refined oil- Taxed @ 5%
Due to the industry pressure- ready-made apparel garments- Under 1,000 has got down from 12% to 5%.
Experiencing with the high GST Tabs automobile industry will be around 43-55% and 29-30% for small cars.
According to the new GST norms hotel rooms that charge almost “Rs. 2500-7500 will be taxed at 18% while those above Rs. 7500 will attract levy of 28%”.
30 June is when the countrywide roll-out of GST will take place
The farmers are dreading the implementation of 18% Goods and Services Tax (GST) on pesticides which they claim will pinch their pockets.While most of the farming sector such as seeds will remain exempt from GST, things like “fertilizers (12%), tractors (12%), crop protection products remain taxable at 18%”. The difference in farm input and farm output will have to be borne by farmers.
Important Aspect: GST Bill impact on Job Market
GST Bill Roll Out: 1 Lakh Immediate Job Openings
The awaiting GST roll-outs, is the ‘India’s Job Sector that expects the tax regime to usher in fresh employment opportunities.Over one lakh immediate openings are expected to be created, including in the job vacancies in taxation, accounting, and data analysis.