New GST increases tax on Alcohol AFAIK, no?
And Karnataka is one of the largest consumer of alcohol.
-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Historic Diwali Gift for the Nation - NEXT-GEN GST REFORM
And Karnataka is one of the largest consumer of alcohol.
Alcohol is not part of GST.
purushotham
TF Select
Alcohol comes under State govt list
So NO GST only VAT and Cess by state govt.
Alcohol contributes 40000+ crores to karnataka govt. Without this govt is hard to run.
Wonder how Gujarat and Bihar govt works without this 40000 crores taxes each year
purushotham
TF Select
In gujarat consumer spending is very very high like here all businessmen mentality first they spend then thinks,and manufacturing plants and all because of which gst collection is higher in gujarat
mayankcse10
TF Premier
I would say all positives were already priced in.
Like petrol diesel right? What all other categories are their where GST is not there and VAT cess are there
For term insurance, they cannot change the premium price right? I have to pay same every year but without tax now
mayankcse10
TF Premier
Yes, that's my understanding as of now.
So any1 willing to buy term plan should buy early after 22 so that companies can not increase price due to itc
Sree CC
TF Premier
Usually it's within 1 month, after that you have to prove that it's a case of misselling.
This thread has become so useless as some butthurt people are posting sarcastic/passive aggressive remarks to sound smart
Or
the other side is posting flowery posts or countering the above population
Can we please just keep this as an economic/personal finance discussion in spirit of the forum this is being discussed on?
Or
the other side is posting flowery posts or countering the above population
Can we please just keep this as an economic/personal finance discussion in spirit of the forum this is being discussed on?
mayankcse10
TF Premier
Yes, that would be the idea. At the start, companies would be under the scrutiny of people and government. After a certain period of time we all know most things will be back where they are currently either by greed or inflation.
I personally welcome this, but what is so historic about it?
- When GST was in its inception ,BJP (the primary opposition) opposed it.
- When GST was implemented, the current opposition highlighted flaws, but was not heard.
- When someone said limit it to 2 slabs, we called them 'Deshdrohi'
- There were multiple GST revision over these years, many daily use items got into the slabs We opposed, but no one heard.
- Now as things are getting out of control and because they see that they are loosing grip on elections, correcting the course and showing it as a gift to the nation. A correction of course is not a gift to the nation.
- I heard a prominent minister blabbering yesterday 'Rahul Gandhi thought about it, but Modi implemented it → 2 slab GST'. I mean, for the last 9 years BJP is in power and they are the ones with power to change it. What an audacity!
- BTW, it is not 2 slab, but 3 slab. There is a 40% slab also.
Let's not be so blind. We elected the Central Govt., and they are answerable to the crores that they looted from us with the insensitive categorization of items under absurd slabs. Life is about learning from mistakes. They couldn't have figured it out 9 years back, but with the multiple discussions and revisions over the years and removed many things from GST.
I am sorry, but I will say it is 9 years too late!
purushotham
TF Select
Petrol and Diesel both State govt and central have rights so both impose tax separately
Aeroplane fuel is under GST
Alcohol is completely state subject
Tobacco is under GST
purushotham
TF Select
When GST was implemented all state feared revenue loss.
So in that point of central govt agreed to compensate for 5 years for revenue loss.
In order to compensate revenue loss initially many slabs where required.
Now things have improved with annual collection growth rate of More than 10%.
With E way bills and GST claims etc etc
If initially only 2 slabs where there and revenue loss was there then where will govt get money ?
It is not government's job to earn money but to provide socialistic justice to every citizen of the country. They should have stopped free ration long back and worked towards employment increase. The reduction of slabs was long suggested and removing few daily items from slabs were suggested long back; could have been implemented long back. Now also, it is not 2 slabs but 3 slabs but publicized as 2 slabs.
No need to advertise when you are correcting your own mistake. Hence, good decision, but too late and nothing historic!
Valid point; but this post was never started as a financial discussion,, but highlighting a historic decision. Hence we will have discussion for and against it. We have to live with it unfortunately. 🙁
brutal; hitting nail straight on the head 🙂
