With so many leading figures talking against GST,the ignorent arrogant FM is as usual is creating another disaster ,as big as the horribly executed demonitisation.Instead of creating a corruption free environment as promised in their election manifesto,by catching all the corrupt people,Arun Jaitley is very very silent on this and doing all other funny things.PM should hear the masses on GST,stop the implementation and remove Arun Jaitley as FM and the new FM should focus on agriculture modernisation on a war footing All other ornamental changes must wait
Re: Arun Jaitley was,is,will be a disaster
by yahoo on Jun 25, 2017 08:06 AM
If we modernize our agriculture about 50-100million people will lose jobs. Then people like you will cone and start barking again. You are unable to handle a modern taxation system, but want a modern agriculture!! What silliness.
It has not happened in the past.It is difficult to happen in future too. It all is dependent in registration of business entities. Business or trade in retail is difficult to control and the profitability equations will undergo lot of changes.This is bound to discourage self employment and incentives there on. paying tax to the govt and the registered business entities becomes more complex and authorities become more corrupt as they deal
As a proprietor of a micro company, I don't know the procedures, dos and donts wrt GST. Who will tell me ? Is there any mechanism in place to train individuals like me about procedures to follow under GST ? Why don't state tax dept organize training sessions for ones who can't afford a chartered account ? Everyday I read scaring news about GST. "if the tax benefit is not transferred, your registration can be cancelled " is one of them. What does this mean ? Who will tell me how much I have to pass on to my customer who is not in the end of chain ? Plenty of questions, doubts. Don't know whom to ask. You ask anyone in accounts job, answer is "even we don't know". I don't know why govt is particular about date rather than making firms ready before it implements.
Re: Readiness
by Srinivas on Jun 24, 2017 02:42 PM
Same situation for me, however let me put down a few points, which I have understood from my main client and hopefully will help you. 1. Every invoice raised by you as a supplier of a product/ service will have to get uploaded on the GSTN portal (in what format, not clear), linking it to the GST no. of the client to whom the invoice has been raised. 2. Once your client accepts the bill, the GST amount gets recorded on the portal - client will pay, you will receive and then have to remit to the Govt. Within what deadline, not clear. 3. For every invoice raised on you by your supplier, he has to link to your GST no., which you will have to accept. All such GST which you pay to your suppliers, become your Input Tax credit. There may be some services/ products where Input credit is not allowed, not clear which ones.
The good thing is that so far, we have been allowed to claim Input credit only on Service tax, but not VAT/ Sales tax etc. From July 1, VAT/ Sales tax also becomes an Input credit, which will be beneficial for us.
I have listed down these points very simplistically. Of course there are complications, especially on inter state transactions, split up between Central & State GST, Compliance/ filing returns etc., but most of them will be a pain only once when you do it the first time. My feeling is that if implemented properly and course corrections made as soon as issues are found, GST will be economically beneficial for both Manufacturers and Customers.
The effects of demonetization are still present, the ATMs are still not working properly, the common people are still suffering.The long queues are gone but people are still unable to withdraw money as when they require it, they are still not able to exchange 2000 notes. Life after demonetization has not yet normalized, it is only that people are forced to adjust. Now, the GST which has failed in many countries is bound to create bigger chaos than demonetization. many small scale and medium scale industries might shut shop.For the common public the chaos will increase, the smile will be permanently be erased from many middle class and lower middle class people because their only entertainments movie going and eating out will become very expensive.People will be afraid to go out of home because the moment they step out, for every step they will have to pay tax. Income tax,property tax,professional tax,capital gain tax,sales tax,service tax,custom duties in addition to that there are innumerable cesses like swatch bharat cess,education cess and so on. now in addition to this GST is coming. Well, will this government or for that matter the tax regime in this country will allow the common public to breath or is there any proposal to tax that too.
that the GST roll out may end up exactly like the demonetization exercise - a massive failure with nothing but chaos in its wake - are looming ever larger now than before !
The country looks like a boxer blundering into the ring with eyes blindfolded to fight a champion who is not encumbered in any way !
Re: Ominous portents
by LAKSHMINARAYANAN narayanan on Jul 01, 2017 08:23 AM
When computer was introduced in India, you commies raised hue and cry, that it will increase unemployment etc., see now because of computerisation entire country created millions of jobs. we are a leading software exporters. Like this you will cry any development work. Even Your Master China has abandoned communism. You are irrelevant today. You have become museum. Dont blabber any more. World has moved so far away from Karl Marx time.
Re: Re: Ominous portents
by LAKSHMINARAYANAN narayanan on Jul 01, 2017 08:24 AM
You have become KOMAALI to the world. The Komaali title suits you only.
Re: Ominous portents
by P S SHAH on Jun 26, 2017 01:02 PM
KomaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaliOne can not be an expert on all subject even if he pretend he do like in your case. Ask the government you blindly support why they have accepted GST in their state.
