India is marching towards the progress with the lightning speed. After the demonetization, the GST bill is one the biggest tax reforms in India after the independence. The GST bill is supposed to boost up the Indian economy is coming years. According to the GST bill, all the complex and multiple indirect taxes were replaced by one ultimate tax which is GST.
GST is a simple tax system. Now, the taxpayer won’t be confused about the what type of taxes he/she should pay. There will be only one tax, which is GST. The agenda of the government behind introducing GST itself is “One Nation, One Tax”. GST is going to ease the stress of taxes from the Indian businesses and manufacturers. They now have to pay lower taxes, and it will surely increase the scope of a better business environment and flexibility
The goods and services tax (GST) is expected to reduce prices by eliminating multiple levies, but could some goods become costlier?
“There is a lot of brainstorming to ensure that mass consumption products do not get expensive,” said a minister.
Now that it is so confusing to find out the rates of everything or anything we buy with multiple tax slabs, Government has introduced an app.
Finance Minister Arun Jaitley launched a mobile app ‘GST Rates Finder‘. The app, available on the Android platform, helps users find out the GST (Goods and Service Tax) for various goods and services. It can be downloaded on any smartphone and can work in offline mode as well, once downloaded.“The user can determine the GST rate for a goods or a service by entering the name or the chapter heading of the commodity or service. The search result will list all the goods and services containing the name which is typed in the search box,” the ministry statement added. The user can scroll down the list of descriptions and when any specific item on the list is clicked, a display window pops up containing details such as GST rate, description of goods or services and the chapter heading of the Harmonised System of Nomenclature (HSN).
For example, any person who has been billed by a hotel or a restaurant, or for a footwear purchase, can cross-verify the correctness of the rate of GST charged. Also, the GST rate finder has been provided on the portal of the Central Board of Excise and Customs (CBEC). At the portal, a taxpayer can search for applicable CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax), UTGST (Union Territory Goods and Service Tax) rate and the Compensation Cess on a particular supply.
The search can be made based on the description of goods or services, or HSN Code or heading number.
“These initiatives are aimed to serve as a ready reckoner on GST rates. This will empower not only taxpayers but every citizen of the nation to ascertain the correct GST rate on goods and services,” the statement read.