GST Impact In Tamil Nadu

GST Impact In Tamil Nadu Goods and Service Tax has been implemented nationwide from Friday midnight on July 1st, 2017. This common tax system is expected to bring good changes in the country. Some groups fear about GST and some groups and state suffers due to GST. But experts say these suffering are initial and GST will create good impact in long run. Prime Minister Narendra Modi stated this single tax system would unify the country’s economy. GST is the result of long thinking, achievement of Team India. Modi says GST is not only Goods and Services tax but also ‘Good and Simple Tax’. Meantime due to additional state government tax of about 30 percent for the ticket prices Tamil Nadu cinema and theatre owners are suffering. They announced infinite strike from Monday. All theatres will be closed without further notice in Tamil Nadu. Firecracker manufacturers in Sivakasi were also planned to stop works due to raise of tax. They feat GST that levied 29 percent on fireworks will highly affect the small manufacturers like cottage units. It is feared the price of several goods and daily products may hike. There is 5 percent for tea, food, sweets and other

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Goods And Service Tax GST 2017

Goods And Service Tax GST 2017 Government finalized the 4 slab structure of Goods and Service Tax of 5%, 12%, 18% and 28%. Finance Minister Arun Jaitley addressing to the media on 14th meeting of GST in Srinagar yesterday has announced GST had been finalized. He said certain services and goods are exempted from tax and cost of some services will not rise. The council says common man items are set to get cheaper and consumer friendly under this GST. The four-tier tax structure by GST Council 43% items fall under 18% tax rates 19% items to 28% tax 17% items to 12% tax 14% items – 5% tax 7% items gets exempt Exempt Milk, wheat, rice, handlooms, hearing aids, education, healthcare, bindi, glass bangles, handmade musical instrument, metro travel, local train, religious travel 5% – Rea, Coffee, Cane Sugar, Beet Sugar, Bio Gas plant, Fish, Groundnut, wind mills, bio gas plant, ola and Uber, restaurants (turnover of Rs. 50 lakh), sweets, coal, hair oil 12% – Butter, cheese, dry fruits, fruit juice based drinks, tooth powder, mobile phones, sports goods, tractors, bicycles, umbrellas, incense sticks, feeding bottles, pencils, hand paintings, live husbandry, meat, non-ac restaurants 18% – Petroleum jelly,

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