#taxindia

[stockpril]

FEBRUARY 3 2022 PREDICTIONS #bitcoinnews #india #taxindia (at Italy) https://www.instagram.com/p/CZhSXYTvOpV/?utm_medium=tumblr

[loanbabaofficial-blog]

Find out Top 10 Tax Savings Plan for Salaried Persons. Read more at : https://blog.loanbaba.com/top-10-tax-savings-plan-for-salaried-persons/  

[thelotus-hotel-blog]

The GST aftermath

The Goods and Services Tax as quoted by the New York Times is the country’s biggest tax overhaul since independence. The root aim is to unite the staggering number of taxes and sub taxes in the country into the policy of "One Nation, One Tax, One Market". This seriously cuts down the disorientation of revenue inflow and also reduce the harassment faced by the consumers at the hands of officials. Post 1st July 2017, GST significantly reduces the taxing of mass consumed products especially groceries and other related house hold products. Automobiles, Refined cooking oil, Education, Healthcare (not medicines), unprocessed food (cereal, rice, wheat etc) are the main products that have reduced or no tax under the new system. Most of these items will be targeted under 0%, 5% and 15% of the system where as certain other products are taxed at 18% and 28%. Life will never be easy again if you decide to take your family out for lunch or dinner as restaurants that have A.C in their diners will carry a taxing tax of 18% while supper at 5-star hotels will cost you a whopping 28%. Aviation is one industry who might get their brains cooked up over this two system taxing where the tickets are set at 5% from the previous 6%. The system even though was charted and passed last year in August by the Rajya Sabha, it feels like it was a bit rushed into. The undermining reason behind this is the complexity of how the taxation works and for what and why products fall under the varied categories. From one side we feel like the entire system is justified as it makes household products and daily life accessories much cheaper than before where as small time luxury that we are used to enjoying during the weekend are not so small anymore. The common man would definitely face the heat for the first few months or so but then it should gel in like all the numerous reforms brought out in our 70 years of independence. Ultimately the new reform should stabilize the economy as we try to build on top of its foundation. A strong pillar for tomorrow's stronger nation.