{"id":28542,"date":"2018-10-24T12:56:06","date_gmt":"2018-10-24T07:26:06","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28542"},"modified":"2018-10-24T12:56:06","modified_gmt":"2018-10-24T07:26:06","slug":"one-year-after","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/one-year-after\/","title":{"rendered":"One year after"},"content":{"rendered":"<p><strong><u><a href=\"https:\/\/www.thehindu.com\/todays-paper\/tp-opinion\/one-year-after\/article24316060.ece\">One year after<\/a><\/u><\/strong><\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ol>\n<li>Recently, the Goods and Services Tax(GST) has completed its first anniversary.<\/li>\n<\/ol>\n<p><strong><u>Important facts:<\/u><\/strong><\/p>\n<p>2. GST was launched on 1<sup>st<\/sup>\u00a0July, 2017.<\/p>\n<p>3. There are many implementation issues related to GST such as:<\/p>\n<ul>\n<li>The IT functioning of the Goods and Service Tax Network (GSTN)has not been satisfactory.<\/li>\n<li>The structure of the tax rate has led to complexity. With different tax slab categories, it has become difficult to classify goods and has further added to confusion among consumers.<\/li>\n<li>Under anti-profiteering, businesses are required to pass on the benefits of reduction in tax rates and increase in input tax credit to any supply of goods and services.<\/li>\n<li>Many goods and services are outside the ambit of GST such as electricity, alcohol, petroleum goods and real estate which further adds to the complexity and confusion over GST.<\/li>\n<li>The E-Way Bill system had also faced a setback due to various technological issues<\/li>\n<\/ul>\n<p>4. Despite above issues, the GST has taken firm root and is altering the economic landscape positively.<\/p>\n<p>5. Entry of over 4.5 million entities in the country\u2019s tax net is one aspect of positivity. This expansion of the tax net will further help in increase direct tax collections.<\/p>\n<p>6. Finance Minister Piyush Goyal is confident that the average monthly collections this year could touch Rs 110,000 crore.<\/p>\n<p>7. Way ahead:<\/p>\n<ul>\n<li>The GST council must purse a time bound approach to execute plans already announced to ease taxpayer\u2019s woes, such as e-wallet for exporter.<\/li>\n<li>There must be road map to bring excluded products-petroleum, real estate, electricity, alcohol, into the GST net.<\/li>\n<\/ul>\n<p><strong><u>GST- A Brief Overview<\/u><\/strong><\/p>\n<ul>\n<li>GST is a single tax on the supply of goods and services<\/li>\n<li>It is considered to be a destination based tax as it is applied on goods and services at the place where final\/actual consumption happens<\/li>\n<li>GST is applied to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas and alcohol for human consumption<\/li>\n<li>There are four slabs for taxes for both goods and services- 5%, 12%, 18% and 28%. Although GST aimed at levying a uniform tax rate on all products and services, four different tax slabs were introduced because daily necessities could not be subject to the same rate as luxury items.<\/li>\n<li>\u2018Dual\u2019 GST Model:<\/li>\n<\/ul>\n<ol>\n<li>Central GST (CGST) levied by Centre<\/li>\n<li>State GST (SGST) levied by State<\/li>\n<li>Integrated GST (IGST) \u2013levied by Central Government on inter-State supply of goods and services.<\/li>\n<li>UTGST \u2013 Union territory GST, collected by union territory government<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>One year after News: Recently, the Goods and Services Tax(GST) has completed its first anniversary. Important facts: 2. GST was launched on 1st\u00a0July, 2017. 3. There are many implementation issues related to GST such as: The IT functioning of the Goods and Service Tax Network (GSTN)has not been satisfactory. The structure of the tax rate&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/one-year-after\/\">Continue reading <span class=\"screen-reader-text\">One year after<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28542","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704952969},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28542"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28542\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}