what is all about in GST for common man and business people


With the enforcement of GST( goods and service tax) on 1st july 2017, most of the things came under the purview of tax laws except alcohal,petrolium which were come under the tax bracket later on after the panel decision of GST council.

GST is enforced keepig in view the well being of farmers who is not compulsorily required to enroll for the online system and the raw materials are kept free from tax. some of the tractor parts are also kept at 5% slab which will further ease the operation of farming.

With the new reform in tax structure many big taxations of sales tax, excise and other duties will be abolished and people of middle class and lower income group will get benefited whereas the higher class group would have to loose their wallet size. under goods & service tax hotels and restaurants having turnover less than 50 lakhs are kept under the bracket of 5% and more than this 12% tax will be levied, hotel rooms upto 1000 RS, will be free from any burden but hotels ranging 1000-2000 will be charged @12%  and above 2500 will be @18%.

Food items such as milk ,curd , unbranded flour and besan are kept free from tax liability where as skimmed and processed food items will fetch @28%. moreover we can say that the first hand product which a person gets directly from the manufacturer will be cheaper than that of processed and second hand products.


Posted by,
Saket kumar singh (Founder)
Lakshya Wealth Services

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