Table of Contents
Which sector is most affected by GST?
Agriculture. Agriculture is one of the biggest contributors to the Indian GPD with around 16\% coverage. Transportation of agricultural produce between states has been a major hassle for the agriculture sector. By eliminating a host of indirect taxes, GST impact on agriculture has also been mostly positive.
Is GST applicable to CA?
So all services provided by practising chartered accountants will be liable to GST @ 18 \%. If the supply is intra-state, then 9 \% CGST and 9\% SGST will have to be charged and if the supply is inter-state, then 18\% IGST.
What are the impacts of GST?
GST: The Short-Term Impact From the viewpoint of the consumer, they would now have pay more tax for most of the goods and services they consume. The majority of everyday consumables now draw the same or a slightly higher rate of tax. Furthermore, the GST implementation has a cost of compliance attached to it.
What is the role of Ca in GST?
In such a scenario, a CA has a huge role of not only advising clients, but also educating them about the GST law. In simple words, more and more businesses will be reaching out to the CA community for GST consultation and other services such as – registration, return filing and accounting under GST.
Which sectors benefited from GST?
On the whole, GST is benefiting the pharma and healthcare industries. It will create a level playing field for generic drug makers, boost medical tourism and simplify the tax structure. If there is any concern whatsoever, then it relates to the pricing structure (as per latest news).
Do professionals have to pay GST?
Yes you are required to charge GST since you are providing professional service (as 10\% TDS is getting deducted) and your turnover is above Rs. 20 lakh in one year. Hi, Yes, you are required to charge GST@18\% on the same.
Can I apply for GST without CA?
Do we required to get help from any CA for GST Registration? You need copies of PAN, adhar, rent agreement, building tax challlan, bank account details for Registering with GSTN.
Is GST beneficial or not?
Being the Biggest tax reform in India, GST will allow the real GDP growth of the Indian economy to hit 6.75 per cent in this fiscal year with expectations of 7 to 7.5 per cent real GDP growth in 2018-19. SMEs and small taxpayers have benefitted from the GST system with a number of relaxations.
Why is GST so high?
GST is such a tax where essential items are placed under the lower tax rate category while harmful products are levied under the highest tax bracket. In India, because of huge population, we have to pay taxes also on behalf of people who do not pay taxes at all. This results in high percentage of taxes.
Why should I pay GST?
The main objective of incorporating the GST was to eliminate tax on tax, or double taxation, which cascades from the manufacturing level to the consumption level. For example, a manufacturer that makes notebooks obtains the raw materials for, say, Rs. 10, which includes a 10\% tax. This means that they pay Rs.
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