Historic Diwali Gift for the Nation - NEXT-GEN GST REFORM

[aayusharyan]

The reduction of GST on medical insurance from 18% to 0% is certainly a big relief, but there’s a concern regarding the Input Tax Credit (ITC), which insurance companies will no longer be able to claim.

That means insurance companies usually pay GST on various overheads such as office rent, commissions, IT systems, claim processing, and healthcare network services. Earlier, they could offset this GST against the GST they collected while selling policies or charging premiums. In simple terms, the GST they paid to make the “product” could be deducted from the GST they collected when selling it.

Now, without the benefit of ITC, their operational costs will rise, and they may try to recover this by increasing the base premium of policies. In that case, how much this GST relief will actually benefit policyholders remains uncertain.

The policy prices will increase. I too agree with this logic.

 

[panchabhut]

coal and lignite has been moved to higher rate. that will have cascading effect. all sedan and SUV moved to 40% from existing 28%. alcoholic and non alcoholic beverages, fruit juice, carbonated and caffeinated beverages moved up.
just to name a few.

 

[Wealth is my birth right!]

coal and lignite has been moved to higher rate. that will have cascading effect. all sedan and SUV moved to 40% from existing 28%. alcoholic and non alcoholic beverages, fruit juice, carbonated and caffeinated beverages moved up.
just to name a few.

SUV move is good anyways its luxury

 

[KLB@96]

First things first, THERE'S NO SUCH THING AS GIFT. Its our money , our right.

 

[ccdc]

First things first, THERE'S NO SUCH THING AS GIFT. Its our money , our right.

No.... it's your money but it's the right of poor ppl...spl in a country like India.

 

[Exewhyzee]

India mein logo ki self respect/ conscience marr chuki hai. Government exorbitant tax lagaane ke baad bolti hai jao tumhe gift diya aur log usko bhi broadcast krte hai khushi khushi.

 

[mayankcse10]

when someone advocated only 2 rates of GST in 2017, they called him Pappu. Now everyone is coming around to that idea.
There must also be items that have been moved to a higher bracket, but those will never be advertised.

What's historic about this? If these are the most viable slabs for common people, then who imposed the previous ones? Lord Curzon? Never in history would you find such a shameless government.

This thread addresses points raised by both of you, if you keep an open mind. But if you're a person that would label someone a bhakt just for pointing this out, do not even bother reading it:

 

[Jatayu]

I was planning to purchase Xuv700 next year start in a hope to get some discount on 2025 model but now 12% extra Gst would supersede that profit. Don't tag me anti national now. I support this Gst reforms whole heartedly except 1200 cc & 1500 cc cap on Gst bifurcation

 

[aparnahm]

Is anyone planning to return insurance policies if they are currently in free look period and purchase them again once new gst rates are in place?

 

[mayankcse10]

I was planning to purchase Xuv700 next year start in a hope to get some discount on 2025 model but now 12% extra Gst would supersede that profit. Don't tag me anti national now. I support this Gst reforms whole heartedly except 1200 cc & 1500 cc cap on Gst bifurcation

Well, I have good news for you: the tax on the XUV700 will be lower after 22nd Sept (if passed to users), not higher. Currently it's 28% GST + 22% cess.

 

[Jatayu]

Well, I have good news for you: the tax on the XUV700 will be lower after 22nd Sept (if passed to users), not higher. Currently it's 28% GST + 22% cess.

Woah I don't know about this 22% cess I thought extra state taxes would be less as they take their cut from Gst too. Let me read about it more. Thanks for this info

 

[navdeep22]

Is anyone planning to return insurance policies if they are currently in free look period and purchase them again once new gst rates are in place?

Why, current insurance policies premium should be tax free from now on right?

 

[Dreams Of Desire 💓]

Bro this shameless government has only made india the 4th largest economy in the world,and moving towards third largest economy..

It would have bacame the 4th or 3rd irrespective of any regime/govt. 🥴

 

[Dreams Of Desire 💓]

A

This thread addresses points raised by both of you, if you keep an open mind. But if you're a person that would label someone a bhakt just for pointing this out, do not even bother reading it:

Aren't majority of states owned by NDA?🚓🤔

 

[mayankcse10]

A

Aren't majority of states owned by NDA?🚓🤔

I assume you mean in power. In any case, the answer is no and was no at the time of original implementation as well. To name a few prominent ones, TN, Karnataka, WB, Bihar, Kerala were not under BJP rule at the time. Even if they were, I would not want any state government to hand over the majority VAT income to the centre in 1 go with no view of what they will get back in return.

 

[phildunphy]

Wow it took less than 12 hours for a thread to become full on political and toxic, kudos.

 

[mayankcse10]

Wow it took less than 12 hours for a thread to become full on political and toxic, kudos.

I don't think it's been that bad.

My only hope is these benefits are passed on to citizens and spur consumption. Otherwise only the corporations will benefit.

 

[ccgeek07]

Unlike many people assume, prices of SUVs also likely to go down due to reduced cess.

currently 28% GST+ 17-22% Cess... proposed 40% GST+ 3% cess... will benefit by 5-10%

 

[Z_S]

It would have bacame the 4th or 3rd irrespective of any regime/govt. 🥴

Now i cant help with it brother,it seems you will be just saying against of the each thing people say here,so as already told that there are always two sides of coin,so just there is some advantages and disadvantages too..it will be there in each regime

Anyways enjoyy it..

 

[panchabhut]

Its our money , our right.

Its our money but the right of politicians and certain business houses.
Our right comes only once every 5 years.