GST Effects In India With Respect to TAX

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GST Effects In India With Respect to TAX

GST Effects In India With Respect to TAX: By 2016’s End, the Honorable Indian Prime Minister has been demonetized the 500 INR and 1000 INR in order to remove false money from India as part of making India with Zero Fake Currency. On the Hand, couple of Month ago India back in Action with Pure Source of Income on every account.

BTW, each coin has True side and False Side. Sounds like, most of them already made aware of this demonetization process before the PM to be declared. In fact, after the process, most of the crime started happening on the very next day in India.

Sounds Ridiculous. Right?

It’s the Fact, and the crime had done by a minor boy from India sounds very much hard to believe 🙁

People Need Money for Enjoyment not for their Living. So, they look over for what ever the tricks they can handle to survive with the same. 😀

However, the New Law Regarding the Taxation in India on the Basis of Income Tax, GST and VAT has been Introduced successfully. After all, the basis effect of the same will be highlighted in every Individual from July 1st On wards. Perhaps, Income Tax will started effecting from India on every Individual as a part of Clean India.

How GST Effects In India?

Most of the People still confused How GST effect in our Life in the Future Days. As many of the trust their business abroad on the basis of TAX free country as well as for better living. As the Introduction of VAT in some of the regions of Gulf countries made many business to get moved to other countries.Perhaps, GST will take 18% and sounds a like a single tax implementation in India on the basis of this approach.

What Will Happens for Small Scale Business out there? 🙁

They have to return to their Home Country itself for making much better than there. BTW, if their Home country do the same, what will be the life of those people out there?

Many Questions arises from the heart of Every Individual. .

i.e., What’s Next?

People with those attitude of doing business never come up with new ideas to tackle the same or don’t think of future. so, they abandon their business and comes up for low cost job out there.  This is How Education Effects in everyone’s life. 🙂 🙂

However, On the basis of the same, Till the Month of May, each Transaction on the Basis of Income up to 5 lakh on the monthly basis, each Indian Citizen don’t want to pay attention to Ta. But in Fact, as per New Law the basic transaction exceeds even single paisa above 2 lakh will be forwarded to IT ( Income Tax). BTW, the each individual have to submit the docs once asked by the Team.

In fact, the queries will be judged might be in the Year 2017 or next Year or might be after 3 years. This will issued only once, if your account started reflecting with recurring amount of 2 lakhs or more. However, by New Years eve, entire process will reflects all business in India and for Individual.

How GST Effects In India on Basis of Business Setup?

Well, if you are Shop Keeper and In order to get more profit, you were planning to get thing for wholesale rate right? 🙂

If so, you were also planning not to input tax on your goods and even if you are buying the same from other state by making false statement to the Excise or to the customs or to the Checkers sounds GST will becomes a Head Ache, on doing the same while if you do with border state while if you delivering something that you were ordered with the third party.

As the Introduction on GST, the GST percentage of Goods will be highlighted at the side of your Buyer itself.

So, you don’t need to make any sort of Customs duty or paying some TAX at Borders of the state. Because you’ve already done with the same.

However, the percentage will be Heavy, because you’ve never done with that percentage to your Native Dealers who booked that goods from you for the same. Whereas, it will also gets reflected at the Price of the product without any Quality change.

Not Only GST will Effect on Small Scale Business, It’s the Fact that Entire Business going to get effected.

More over, if your Annual Income Sounds like 75 lakhs or just below to it. The GST will be Categorized along with the Big Firm Business Dealers and You will have to pay the same amount they were also paying.

What ever, if you Runs an Tech Company or Automobile Company or Whether a Small Scale Business, the Net Amount will passed it with the IT and they will do the Necessary action with the same. For more information regarding the revised Tax and GST Effects In India With Respect to TAX please read below.

<<<Read More : TAX Effects on Individual Other than GST from July 2017>>>

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