5 FACTS ON GST – YOU WOULD WANT T0 KNOW

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  1.  Under GST, goods are defined to be “every kind of movable property” and services are defined as “anything other than goods”. The literal meaning of the definition says even immovable property to be treated as services for the purpose of GST. (Times of India)

  1. Disposal of business assets on which credit has been availed will attract GST, even when they are disposed off without any consideration. (Bloomberg quint)

  1. As GST is a consumption-based tax, it is paid to the state where the goods are consumed and not the state where they are manufactured. (clear tax)

  1. The GST rate differs for every item, for example, GST for soap is 18% and 28% on washing detergents; on movie tickets it is based on slabs, as for tickets costing less than Rs. 100, GST is 18% where as for tickets costing more than Rs.100, GST is 28%, 12% on under-construction property booking. Dairy products, products of milling industries, fresh vegetables & fruits, meat products, and other groceries and necessities are some industries and products exempted by the government and remain untaxed under GST; alcohol is out of the preview for GST. (financial express)

 

  1. The GST launch was boycotted by Members of the Congress. They reported that government was trying to merely re-brand the current taxation system as virtually there was no difference between the existing taxation system and GST. They also argued that the GST would increase existing rates on common daily goods while reducing rates on luxury items, and many Indians like the middle, lower middle and poorer classes will be adversely affected. (NDTV)

 

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