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Historic Diwali Gift for the Nation - NEXT-GEN GST REFORM
panchabhut
TF Legend
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.
There must also be items that have been moved to a higher bracket, but those will never be advertised.
Pack_of_Cards
TF Premier
But that same opposition is opposing this GST reform.
Certain cars will get expensive now...
Aniket Sharma
TF Legend
Bro this shameless government has only made india the 4th largest economy in the world,and moving towards third largest economy..
sunit123
TF Legend
Yes this freebies culture and politics will never going to end in India anytime..
panchabhut
TF Legend
We already have National Food Security Act (NFSA) which mandates providing of food to the needy. PMGKAY is only rebranding of that requirement.
Govt buys far more quantity of wheat and paddy than are actually required for NFSA, mainly to appease and buy from the rich farmers of Punjab, Haryana, MP, Chattisgarh. Then the surplus is sold to ethanol companies at low prices. Then E20 fuel is made mandatory 5 years ahead of schedule. Its all linked.
whatsapp university ko log ai university se counter karte hai...
But that's only logical, no? What catches the eye more, having the feel good factor associated with it?
--- Like the following have caught my eye:
* A host of tempting and yummy oily and sugary packaged snacks have been brought down to the 5% level.
* For the benefit of the poor, Bidi has been taken off the sinful list with the GST on it reduced by 10%, while other, more expensive, tobacco products were considered more sinful, -- and so, were brought up to the 40% level.
Interesting fact:
".... bidis deliver higher levels of nicotine and cancer-causing chemicals than manufactured cigarettes. It has been linked to diseases, such as lung and oral cancers, as well as respiratory diseases, heart attacks, and tuberculosis."
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which is why insurance premiums are now 0%. they complement each other.
Farhad sekh
TF Ace
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.
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.
