Saturday, 10 February 2018

GST Effects On Telecom Sector: 18% GST

As a part of the Budget exercise, DOT (Department of Telecom) had recommended to the Department of Revenue to reduce the standard GST rate for Telecom to 12%. In view of the increasing debt burden on telecom operators, Telecom Regulatory Authority of India (TRAI) suggested steps like relaxation in spectrum payout terms (16 installments instead of the current 10), reduction in spectrum usage charges (SUC) among others. A favorable condition would enable Telecom operators to provide quality and affordable services to consumers.
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ANNOUNCEMENT: In the budget 2018 there are no changes in the tax structure of telecom sector. As before it is in believe that after 12% gst on telecom give this industry a boost. But still there is hope for telecom sector as New telecom policy is still in work and soon the announcement comes from the govt.Some points related to this policy be like :


  • Ease of business environment
  • Connectivity for all and better services
  • New technologies like 5G and loT.
  • New technologies give internet a boost.
  • Now in current the gst rates on telecom sector is 18% GST.
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Friday, 9 February 2018

GST Effects On Sanitary Napkins(Pads) In India

As per the different different cases registered in Delhi and Mumbai High court. Now Supreme court takes all the cases related to gst on sanitary pads into its own jurisdiction. Now all the cases regarding this hearing in supreme court only. Now come to the cases part there are many protests comes many parts in the country about gst imposed on sanitary pads. All the protests comes because people wants sanitary pads out of GST.
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  • As per the gst rates it is clear that there are 12% GST imposed on sanitary pads also.
  • In people point of you sanitary pads are very basic and common product for all the women why this is under gst.
  • A group of students from Gwalior sends a letter to our prime minister about to abolish sanitary pads from GST.
  • As from govt tax regime before GST sanitary pads comes with 13.68 percent tax structure, but now after gst implementation it is only 12%.
  • The raw material used in sanitary pads have also 12% and 18% gst. It means the manufacturers have to pay more tax than the others.
  • Now all this comes under supreme court and let it be a good news when the order comes out on this issue.
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Wednesday, 24 January 2018

GST RATE CUT: REVISED GST RATES FULL LIST

In this blog post here is the revised list of every product that GST rate cut or goes higher every thing we explained here:
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LIST OF PRODUCTS ON GST RATE REDUCED FROM 28% TO 18%: 

Old and used motor vehicles onto which no service tax, VAT or GST paid on such vehicles.
Buses use in public transport runs on bio fuels only.

LIST OF PRODUCTS ON GST RATE REDUCED FROM 18% to 12%: 

Sugar boiled confectionary Drinking water packed in 20 litters bottles Fertilizer grade Phosphoric acid Bio-diesel Bio-pesticides Bamboo wood building joinery Drip irrigation system including laterals, sprinklers Mechanical Sprayer.
List of products on gst rate reduced from 18% to 5%: Tamarind Kernel Powder Mehendi paste in cones LPG supplied for supply to household domestic consumers
List of products on gst rate reduced from 12% to 5%: Articles of straw, of esparto or of other plaiting materials; basketware and wickerwork.
List of products on gst rate reduced from 3% to 0.25%: Diamonds and precious stones
List of products on gst not charged: Vibhuti Parts and accessories for manufacture of hearing aids De-oiled rice bran.
RATE CUTS IN GST FOR SERVICES: In the services segment, government will cut taxes on transportation of crude, gasoil, gasoline, jet fuel and services relating to mining, exploration and drilling of oil and natural gas, among other things.
Admission to theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet will now be taxed at 18% instead of 28% and on common effluent treatment plans services from 18% to 12%.
List of products on GST rate increase from 0 to 5%: Rice bran (other than de-oiled rice bran) Cigarette filter rods
  • Also it is stated that petol, crude oil may also come under GST soon.


WHAT IS E-WAY BILL IN GST: FULL EXPLANATION

UPDATED GST TAX SLAB RATE 2018

GST EFFECTS ON SME(SMALL BUSINESS ENTERPRISES)

In this blog post we explain about some key points that have major impact on SME after GST arrives as according to the news come in nov 2017.


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  • Those have annual turn over less than 20 lakhs per annum does not need to register under GST.
  • Those have annual turn over less than 1 crore(less than 75 lakhs for states like Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, Sikkim and Himachal Pradesh) can register under composition scheme and have to pay GST on quarterly basis.
  • Tax rate for those who register under composition scheme are:

  1. For traders-1%
  2. For manufacturers-2%
  3. For restaurants-5%


  • Taxpayers providing any exempted service (like, extending deposits on which Interest is received) are eligible to apply for the Composition Scheme.
  • Services provided by Goods Transport Agency (GTA) to unregistered persons will be exempted from GST and will not be taxed.
  • Registered persons with an annual turnover less than Rs. 1.5 Crore will be required to file FORM GSTR 1, GSTR 2 and GSTR 3 and pay taxes on a quarterly basis. Quarterly filing and payment for such taxable persons will start from the quarter October to December 2017. However, registered buyers from the above taxpayers can avail Input Tax Credit (ITC) on a monthly basis.
  • For taxpayers having annual turnover up to Rs. 1.5 Crores, the requirement to pay GST at the time of receipt of advances on account of sales of goods has been suspendedNow, they will be required to pay GST only at the time of supply of goods.
  • Reverse Charge Mechanism under Section 9(4) of CGST Act and under Section 5(4) of IGST Act has been suspended till 31st March 2018.


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    WHAT IS IGST???? GST EXPLANATION

    Making India one tax one nation dream come true after GST implementation on all over india. More than 1 crore business already registered under gst and more are coming. Here in this blog post we explain about the IGST model in GST. Many people do not know what is IGST, SGST,CGST here we explain in detail.
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    GST EXPLANATION: Now here we explain about the gst model there are two components in this model Central GST (CGST)and State GST(SGST). Center would levy and collect CGST and State would levy and collect SGST totally.

    Now for inter-state transaction central government will levy and collect integrated goods and service tax(IGST) which would be equal to CGST and SGST.

    WHAT IS IGST: It is called as integrated goods and service tax. IGST is the provision in GST to monitor the inter-state movement of goods and services.It is not an extra added tax but it is just the sum of SGST and CGST.

    IGST=CGST+SGST

    FEATURES OF IGST: 

    • It is the sum of SGST and CGST.
    • Levied on interstate and the cross-border goods and service transfer.
    • Will be shared by the Center and State.
    ADVANTAGES OF IGST: 

    • Maintenance of tax neutrality of goods.
    • Quick tax paying structure without extra burden on taxpayers.
    • This is a simple, transparent and self monitoring model.
    • No requirement for the physical verification because all the information is available through GSTIN.
    • Payment of tax is through online platform means no need for extra form filling and cash payment delivery.
    • Input tax credit feature given in filling the tax payment.

    Tuesday, 23 January 2018

    GST EFFECTS ON ENTERTAINMENT INDUSTRY IN INDIA

    As everyone know about the entertainment industry,now in this blog post we explain GST effects on Entertainment industry.How GST effected the whole entertainment industry read our article below:

    http://www.ssstp.com/


    TAX RATE BEFORE GST ON ENTERTAINMENT INDUSTRY: Before GST entertainment industry have multiple taxes like service tax, VAT on various services of this industry. VAT was charged at the rate of 14.5% and service tax at 15% charged.But also this industry get a subsidy of 60% on service tax hence have to pay only 6% of service tax only.Now total tax become as 14.5% + 6% = 20.5% tax total.


    TAX RATE AFTER GST ON ENTERTAINMENT INDUSTRY: Now all kinds of taxes are removed from entertainment industry and just one taxis there only GST.

    GST rates for this industry varies from 18% to 28% clearly here explained below clearly:

    GST 18% SLABS FOR PRODUCTS AND SERVICES OF ENTERTAINMENT INDUSTRY: 
    Circus, TV and DTH services, theater and classic dance performances like drama and folk dance all comes into this category.

     GST 28% SLABS FOR PRODUCTS AND SERVICES OF ENTERTAINMENT INDUSTRY:Movie tickets, casinos, racing, movie festivals and events, amusement parks and sporting events.

    GST IMPACT ON CONSUMERS: Before GST there is 30% tax on movie tickets called as entertainment tax and on food beverages 20.5% VAT and service tax.

    But in terms of GST only 28 % tax on movie tickets and 18% on food beverages means it is much cheaper than before.

    But in some states where entertainment tax is lower there will be increase in price of movie tickets after GST.

    Also there is a provision in GST that allow states to add an additional local body tax(LBT) on all the entertainment services offered in particular state,this make the price a little more higher.


    GST IMPACT ON ENTERTAINMENT SERVICE PROVIDERS: All entertainment service provides have to pay GST on the tickets they sale and also on the food items they give to their consumers.

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    Monday, 22 January 2018

    GST EFFECTS ON ONLINE TRANSACTIONS IN INDIA

    Government of India encouraging people to use digital or online transactions to pay bills, recharges and choose to be cashless all the time.Most people do not know that these transactions are taxable and GST be applied on all kinds of transactions.

    http://www.ssstp.com/


    GST ON ONLINE TRANSACTIONS: On every bank transactions here gst charged rate is 18%. It means now you have to pay 18% tax on all bank online transactions.

    Now lets see some of the SBI bank GST charges on online transactions here blow:

    GST ON NEFT WITH SBI ONLINE: 



    • For online transactions up to Rs. 10,000: 1 rs. + GST 18% (of 1rs.).
    • For transactions from Rs. 10,001 to 1,00,000: 2 rs. + GST 18%.
    • For transactions from Rs. 1,00,001 to 2,00,000: 3 rs. + GST 18%.
    • For transactions above Rs. 2,00,000: 5 rs. + GST 18%.
    •  
      GST ON NEFT WITH SBI BANK BRANCH: 

      • For SBI bank branch transactions up to Rs. 10,000: 2.50 rs. + GST 18%
      • For transactions from Rs. 10,001 to 1,00,000: 5 rs. + GST 18%
      • For transactions from Rs. 1,00,001 to 2,00,000: 15 rs. + GST 18%
      • For transactions above Rs. 2,00,000: 25 rs. + GST 18%
      GST ON RTGS TRANSACTION ON SBI ONLINE: 

      • For amount 2 to 5 lakh: 5 rs. + GST 18%
      • For amount above 5 lakh: 10 rs. + GST 18%
      GST ON RTGS THROUGH SBI BANK BRANCH: 

      • For amount 2 to 5 lakh: 25 rs. + GST 18%
      • For amount above 5 lakh: 50 rs. + GST 18%
      GST ON IMPS IN SBI ONLINE

      • Transfers up to Rs. 1,000: No fee
      • From Rs. 1,000 to Rs. 10,000: 1 rs. + GST 18%
      • From Rs. 10,000 to Rs. 1,00,000: 2 rs. + GST 18%
      • From Rs. 1,00,000 to Rs. 2,00,000: 3 rs. + GST 18%

      GST ON MOBILE WALLETS TRANSACTIONS:
      Many wallets available right now in market like PAYTM, MOBIKWIK,PAYZAPP here are the GST rates listed:

      • Paytm to Paytm transfer: Free of cost
      • Paytm to bank transfer: 3% + GST
      • Mobikwik: 4% + GST
      • HDFC Payzapp: 2% + GST
      Now comes to the conclusion part all online and offline transactions are costlier than before as after GST comes. But as changes been made lets see in the future what comes under GST.

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