words per minute
16
SaurabhPandey1312
00:00
Speed
The Goods and Services Tax (GST), which is the country's biggest tax reform since independence, came into force on July 1 and promises a stronger economy and less corruption. Under the GST regime, a four slab tax rate structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent has been adopted. While this landmark tax paves the way for the vision of 'One Nation, One Tax', it has also generated apprehension among the populace on how it will affect their finances, businesses and day-to-day life.
On Sunday, revenue secretary Hasmukh Adhia, the driving force behind the framing of GST, took to Twitter to shoot down some common misonceptions about the landmark tax.
The new GST rate is higher compared to earlier VAT.It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now. Myth: If a person makes payment of utility bills by credit cards, they will be paying GST twice.
Inaccurate. GST is only levied once, irrespective of the payment being made by cash or cards. Myth: All invoices must be generated on computer/internet only.
Reality: Invoices can be generated manually also
A retailer needs internet all the time to do business under GST
Internet would be needed only while filing monthly return of GST.
The introduction of goods and services tax (GST) is called transformative because it is meant to benefit everybody and hurt none. However, the form in which the tax is introduced in India has many experts worried that it will increase complexity and uncertainty, nullifying any gains. Here’s more…