Wednesday, December 6, 2017

Guest Lecture on GST

On 11th of October, the session was held in MCA conference hall regarding GST by K.K Kamal.

He is Chartered Accountant by profession.

Previously, there were different tax rates in different states before GST came into existence. But with the birth of GST all the other/ unwanted taxes got removed.GST killed all the boundaries. Almost 22 countries removed boundaries. With the effect of GST, all the custom duties that were paid got removed.

Previously there were total 400 types of taxes that are now converted into one tax rate that is GST.
GST
1. Intra
·         Central
·         State
     2. Inter

Average 23% taxes were implied previously.
Now, the tax rate system has got more transparent.

In GST system, when the return is filed on time than the compliance goes up but when the return is filed late than the compliance goes down.

In GST, the matching concept is followed where all transactions are matched and the report is prepared thereafter.

The government interference has became much less as the transactions are been verified or assessed internally with one another.

Blacklist is been prepared for the defaulters and it is been put on the website of GST.


GST promotes democracy. Tax rate
Food
Entertainment
Transportation
Household-Personal care
Mobile phone
Before
12.5
30
15
28
15
After
5
28
18
18
18

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