Goods and Service tax a new regime
Goods and Service tax:
Congratulations or a satire perhaps is the GST law commencement today? GST have been inaugurated by three hands on the final introduction of largest unbeatable level of one umbrella of taxation. While wondering about what’s these three hands are, let me let you know the trick. The forth hand is technology and the nautical two hands are the IT sector and E-way billing. Goods and Service Tax is here and everyone is grasping a breath of hue and wry as the facilitation of taxation begins to pounder. Getting ready with the known facts and figures, businessmen, taxpayer’s else are readily prepared Cum unprepared for the predictions of fulfilling the benefits promised and the chaos consumerated. The formats have been throughout pre GST- revised, reprogrammed, reciting the pros and cons of checklists. However, the government prepared a checklist where the taxpayers fit-unfit the current tax regime. As for the detailed working of closing stock as on 30th June 2017, or the classifying of stock rate, purchase in or out state and the duty paid or exemplary as such the GST law model.
Under the VAT act and file revision of returns for any mismatch or undelivered supply, the taxpayers has too be sound. Claiming perhaps the input tax credit and registrations under the law of Goods and Service Tax, providing GSTIN to all the suppliers in hand and collecting GSTIN from vendors and overall invoices and documentation of receipts are high requirements of the high authorities of GST demands. Meanwhile the behaviour of the business practices will be surely take track of changing with the implementation of GST now. For the consumers, the transformation is yet slow down the 3 years coming. A host of the new services and goods are promised to be cheaper relatively towards the luxury goods. Yet, sanitary pads will cost you more even if it’s natural as buying condoms. So, next time you go on your periods, you think twice of the “goods chauvinism”, racing the unjust. Coming back to the other contents of GST, presumptions will only feed the unlearned facts considering the success of Goods and Service Tax law implementation in few years to go. The reforms under GST, entrepreneurs and other small businesses and big as such will have decisive bearing on millions of Supply and demands. Still the dancing of moves is uncertain till the track is vigilantly eye on the running of GST in the huge land. Benefits, boons or the disadvantages will tailor on the documentations as GST takes commands of the land and people. TECHNOLOGY will remain as a backup and the infrastructure where the GST will function. Yet, the complications of the GST regime will simultaneously grip back as the larger crowd getting excess is a motion questions❓ millions of businesses are the first stakeholders and foremost contact structure of GST law. And, it is partially cleared that goods and service tax was made to focus more on these businesses to grow and develop. Turning down the complications and providing security to the taxpayers are the sustainable agenda of the GST realm.
Governments be it the centre or the state, are the second big stakeholders of the GST regime. For the revenue generation, the government designed this Goods and Service Tax regime and for the simplicity of course to triumph. Yet, in programming simplified taxation, trolls might follow as the regime is likely not to be understood by the taxpayers as such. For the experiment to be a success, the government is putting the best foot forward as all the people wry together in a state of mind of chaos yet hope. With input tax credit, GST is supposedly to tackle one of the major distortions of the current tax structure which is cascading effect of taxes. Yet, again the common man will be the one to be the first pony to suffer and get effected. In other words the consumers will have to take on the nearly impossible task of challenging and channelling the cade of profiteering before the designated authority. Thus, no conspiracy behind we all wait for the sulking of Goods and Serice Tax law implementation into the land of diversificated economy.