What is GST Bill? Its advantages & disadvantages

GST Bill (Goods and Service Tax).

Do you know that what is GST Bill?, How it Works?, What is the percentage of tax levied on goods?, What goods and services would be expensive and cheaper?

I know that you have a lot of question regarding GST Bill. And today I will try to clear almost all your doubts regarding GST Bill.

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Now the question is, Government will get benefit or loss from GST? How many types of GST? and more.

As we all know that every body gives tax either it is Goods tax or Service tax and nowadays everybody listens about GST.

So, Let’s come and know that what is GST Bill? Its advantages and disadvantages in detail.

GST Bill

What is GST Bill?

As we all know that GST is an Abbreviation of Goods and Services Tax. And All the old taxes that were levied till now, will be replaced by a single tax named GST.¬†According to tax experts, the purpose of GST is a major step towards improving the tax structure of India. It is an Indirect Tax. GST is a single tax and after applying GST the same charge will be levied for all the goods and services. and this is called “One Nation One Tax”. ūüôā

And Now all the indirect taxes such as Excise Tax, Service Tax, VAT (Value Added Tax), Entertainment Tax, etc. are come under GST.

 

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GST in Detail.

When a good is manufacture in a factory it reaches to the customers by different ways.

GST Step by Step.

  1. Before manufacturing of each and every goods we have to purchase some raw materials and after that VAT is added on it.
  2. Then when the raw materials goes to factory it produces finished goods.
  3. Now after producing finished goods it will send to the wholesaler or it will purchased via a wholesaler.
  4. After sending finished goods to wholesaler again VAT and Excise Duty will be added on it.
  5. Then retailer purchase goods from wholesaler then wholesaler will add VAT on it.
  6. And at last retailer will add VAT on it at very less amount and then sale to the customers.

I think now you will understand that why the price of every goods going high. GST will also added at all the levels but it can not be change. it is fixed.

this is the reason why some product’s price increases and some decreases. In the past time some states add tax on goods as they want but now this cant be happen.

I think now you all understand that what is GST and How it works?

Things on which GST is levied.

Except Sour, on Everything ex. – flour, rice, vegetables, tea, sugar, LPG, kerosene, butter, ghee, medicine, ice cream, soap, shampoo, car, bike, cement, etc and in services like servicing of vehicles, restaurant, hotel, etc. you have to pay GST.

Slab of GST.

As we all know that GST is pegged at

  1. 5%
  2. 12%
  3. 18%
  4. 28%

How many types of GST?

Under GST there is three types of taxes.

  1. CGST – CGST is a Central Goods and Services Tax which is levied by Central Government.
  2. SGST РSGST is a State Goods and Services Tax which is levied by State Government.
  3. IGST РIGST is a Integrated Goods and Services Tax which is levied by both the states for their transaction of goods and services and the tax is divided equally between both of the states.

Transaction of goods and services under state both CGST and SGST levied. And if the transaction is occurs in between two states then IGST is levied.

 

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And finally this is very important that

How much percent of GST have to give and on which goods.

Goods are determined according to the type of tax.

Goods and service tax will not be levied on some things and levied on something.

Things on which GST is not levied.

Flour, Gram Flour, Vegetable oil, Manure grain, Jaggery, Milk, Egg, Curd, Lose cottage cheese, Fresh Honey, Fresh Vegetables, Prasad, Salt, Sugarcane.

Things on which 5% GST is levied.

Sugar, tea, coffee, edible oil, coal, skimmed milk, Milk made food, Milk intensive, packed cottage cheese, newsprint, Umbrella,  Kerosene, PDS, LPG, Chuukander, Graphite, Chalk, Calcium phosphate.

Things on which 12% GST is levied.

Butter, Ghee, Almond, cashew, Incense stick, Packed coconut, Fruit Juice,  Water, bio gas, hydrogen para oxide, iodine, mobiles.

Things on which 18% GST is levied.

Hair oil, soap, toothpaste, Capital goods, maize, liqueurs, soup, pasta, jams, facial tissue, fountain pen, Florine, chlorine,  ice cream, toilets, iron, steel, wax.

Things on which 28% GST is levied.

vehicle, Crackers, car, cement, chewing gum, custard powder, perfume, shampoo, makeup, bike, car, hair dyes, hair cream.

And At last i want to tell you that

What would be cheaper and what would be expensive after GST.

1. What would be cheaper?

  1. Kitchen Ingredients. 18% Tax Levied. And most of the kitchen items will be cheaper.
  2. Electronic Appliances. Air Conditioner, Refrigerator, Washing Machine will be cheaper. Before GST it was levied 31% but now only 28% is levied
  3. Home will be cheap. 12% is levied.
  4. Motorcycle will be cheaper.
  5. After applying GST you can watch more movies in comparison to earlier because now 18% tax is charged, whereas before GST it was 28%.
  6. Small Cars will be cheaper.
  7. Sleeper Tickets will be cheaper.
  8. Foods sold in station will be cheaper.

2. What would be expensive?

  1. 5% Tax is levied on Air Conditioner Tickets.
  2. Big cars will be expensive.

I hope you like this article that What is GST Bill? What are the advantages & disadvantages of GST Bill. And i am sure you will learn something new with the help of this article. Please Do Like, Comment and Share if you really like this.

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What is GST Bill? Its advantages & disadvantages
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