From the time when the GST (Goods and Services Tax) comes into action, the discussion about is still not comes into end. Various kinds of industries are impacted by the GST rule. Just to restate, GST is perfect for making the country unified in the common market. Basically, it is a single tax that can change the Indian economy. The tax is applicable to the supply of services and goods right from the manufacturing. At each stage, the credits of input tax are added to the subsequent stage of value addition.
There are certain things that a customer should be aware while buying the products and going for a service.
- First of all, think about the benefits that you can have from the GST.
- Pay the price mentioned on the MRP. Keep in mind that the duties are subsumed at the central level. These duties are related to the additional excise duty, central excise duty, additional custom duty and service tax.
- The prices of all the items are not low. So, prepare yourself to pay the little bit higher than the previous price for some of the products which do not come under GST rule.
- The state specific tax rates are not applied for example, if you want to buy something from different state, no tax will be applied.
- Never buy the product if a vendor or shopkeeper asks you to pay more when they state that GST is introduced.
- Take care that cess will apply. As a consumer you have to give 7 cesses under the GST regime. These could be related to education cess on imported goods, secondary and higher education on different goods, petroleum oil, additional duty of excise on motor spirit and diesel oil.
- It is important to know that GST has been revised for 66 items. So be attentive about the price while buying the products.
- Talk to the vendors if the product of the price is more even if the rates have decreased. In case he does not listen, then register a complaint with an anti-profiteering cell of the government.
Previously, the government has already clear that the advantages of a reduced tax rate post GST are successfully passed to the consumers. According to the analysts, the GST is considered as the stable tax regime. The whole process of GST is totally transparent and beneficial to both manufacturers and consumers. Nevertheless, for the business person this could be the short-term challenge. If there would be any transition to GST, it could disrupt the working capital cycle of business that also in the starting stage.
At Go GST Bill, we agree that GST could be a little pain, but for a long term it proved to be beneficial. The transparent procedure is visible and offer better accessibility of products. Thus, the imperative thing of GST is that it successfully implemented. Take the maximum benefits of the GST and see how the economy of India is changing in a big way but in a positive manner.