Course Content

  • 10000

Course Content


The GST rate is not just a tax but it is also the revenue of the country. The GST rates are very high compared to other countries. It costs lot of money to cover all the taxes which are levied by different states on goods and services you purchase in India. When you become a registered GST number holder, you will have to pay your taxes at least once in 5 years. When you become a registered GST number holder the first and foremost benefit you have that the rate you pay for the taxes is minimal like you are a goods trader then you pay including the state GST and central GST is 1%. if you are restaurant owner then you pay for both GST is 5% and if you are other service providers is 6%.

GST has reduced taxes on certain goods by 2% and others by 7.5%, such as smartphones and cars. GST brings uniformity in the taxation process and allows centralized registration. This gives a chance to small businesses an opportunity to reduce taxes on their products, thus benefiting consumers, but also the country as a whole. GST - (goods and services tax) was one of the most discussed law in India in the past few years. It was introduced by The Constitution (122nd Amendment) Act, 2017. GST has started to be applied on all kinds of transactions, which means that there is a lot of confusion surrounding it amongst people. The transition from Indian Goods and Services Tax (GST) to Central Goods and Services Tax will happen on 1st July 2018. In India, most businesses have been operating with GST for a long time without any complications, but this will change completely when they have to pay taxes directly from customers instead of from wholesalers.

GST rates in India are highly complicated. There are many tax exemptions, deductions and exemptions that need to be added to the list when it comes to calculating GST rates. GST is a complex tax structure in India. The Tutorial will discuss the pros and cons of GST rate changes for various business sectors. Disadvantages of GST : 1. GST Scheme has increased the cost of operation The GST has increased the costs of some businesses. This tax on imports has led to increases in prices for food, housing and electricity. The GST is a significant cost for companies operating in India. For example, an average Indian family pays around Rs 19000/- per month towards indirect taxes imposed on imported goods including goods purchased from across the border. This tax has also resulted in more expensive supplies of oil and natural gas to power sector critical infrastructure projects. 2. Increased tax liability on SMBs There is no doubt that SMB's are facing increased tax liability. While this is not very much of a problem for large corporations, it complicates their daily tasks when they are dealing with tax compliance. A question arises what to do when SMBs are faced with increasing tax liability. Here are three solutions that can be considered: 3. Enhance burden of compliance Compliance is a burden that we all have to bear and it can be very hard to manage. We all know what it feels like when we get really stressed and we just want to get away from the pressure. When this happens , we look for ways to relieve ourselves of the stress. 4. Penalties for non-GST-compliant firms The GST is an indirect tax levied on goods and services that are consumable or partly consumable, or services that are provided for the provision of goods or any part thereof, minus VAT. It has been suggested by some analysts that GST may be causing a loss of revenue for India. Some have even went as far as to say that it would limit Indian creativity and damage our economy due to higher costs associated with providing services post-GST implementation, according to a report titled "Non-GST companies bear 80% of taxes". There are two ways in which GST can be implemented: through direct taxes (inflation) and through indirect taxes (CIT).

Recommended Courses

Share With Friend

Have a friend to whom you would want to share this course?

Download LearnVern App

App Preview Image
App QR Code Image
Code Scan or Download the app
Google Play Store
App Store
397K+ Downloads
App Download Section Circle 1
4.57 Avg. Ratings
App Download Section Circle 2
13K+ Reviews
App Download Section Circle 3
  • Learn anywhere on the go
  • Get regular updates about your enrolled or new courses
  • Share content with your friends
  • Evaluate your progress through practice tests
  • No internet connection needed
  • Enroll for the webinar and join at the time of the webinar from anywhere