One nation, one tax. Biggest economic reform in India since the opening of the Indian economy in 1991 starts today. Bill from my friendly neighborhood restaurant where I have breakfast every weekend The usual, Idly, Vada and Coffee.
Does it mean income tax and the tax you when we eat in a restaurant, etc, is considered the same type of tax? I apologize for my ignorance. I can find an article to read, but it´s still early and I haven´t had my coffee.
Income tax is different…this is sales tax. So far every state in India had its own sales tax, now same sales tax for all
I see, I see
You should keep that as a souvenir
Thats looking cool. Hoping this will change all economic of india.
Would mind sharing that how much tax you used to pay before GST? It would really put things into perspective.
Not much change…basically it is the same sales tax, but same for all over India. Might be 1-3% difference on the upside or downside, but no major change as such.
LOL. Some people keep receipts though, me for instance (not all receipts of course, just for some things which guarantee is not expired yet). I am the accountant at home. My husband is not so organized when it comes to papers (any papers - documents, receipts, guarantee cards, etc).
it will be little change - If you’re a Service provider and registered in GST then you can claim Refund on - whatever you’ve purchased and paid GST.
Didn’t know that…
Previously, Service provider can’t avail Credit on Sales tax Item But Now it’ possible to gst.
I didn’t mean it in positive, entirely…
I would like to see @writer99025 climb his Mt. Everest of Fiverr… cross threshold of 20L…begin to file 3 GST returns every month… and then look at this bill and say to himself, “DAMN! THE GOOD OLD DAYS BEFORE THESE THINGS CAME AROUND!!”
@ghemachandar1 Looks like I got lost in translation. So, I can´t comment more. I´d better look up and read about GST just for the sake of curiousity.
The 20L threshold seems to be an interesting challenge. Logically speaking, I can cross it, provided I raise my prices to $10/article and my regular clients keep ordering. A better option is to branch off to business copywriting with new gigs, charge higher rates and attract new clients. But yes, that is something I want to do.
[I hope to do that not this year, but the next year. Not that I will make much money out of it - 30% income tax, 18% GST and 3L to PM Modi’s 2019 campaign, which I have promised myself long time back, so not much more than what I make right now from freelancing.]