GST: Goods and Services TAX has always been a difficult subject for non-Finance people. No worries, Finance Guru is here to explain all about GST and make you understand it.
Ladies and gentlemen boys and girls welcome back to finance cue today’s topic of discussion my favorite your favorite everybody’s favorite including parliament’s favorite gst what is gst how am i concerned how does it affect me what’s going on why are these newspapers all day talking about gst gst gst all the news channels all reporters they are all hell-bent on
Gst what is gst ok ok so so we will discuss in today’s video what is gst and how gst works so gst the full form of gst is goods and services tax it aims to eliminate all indirect taxes in india and replace them with one unified law ideal and i would stress on the word ideally because as we go in details of gst we find out that gst is little tricky so what is tricky
About gst actually it’s not one gst there are three gs t’s what are you talking about ring yes there are three gs things one is a c gst another is s gst and third one is a gst yes you heard me right what is c gst see gst is central goods and services tax which will kind of subsume or eliminate your excise duty and additional customs duty and cst and stuff like that
What is sgs t s gst is staked goods and services tax which will eliminate your state level taxes like vat and other local levy of troy lbt local body tags etc and the third one eye gst what is id sti gst is nothing but the cgs t plus s gst yes you heard me right so i gst is aimed on taxing goods and services when they are transferred from one state to the other so
Ideally i gst will replace cst in india so this is in short about gst now you are wondering where did this law come from this law gst is not a new law it is new for us as indians but this law was implemented for the first time in france in the year 1954 so it’s a very old law we are getting it new in india well what is the good part about gst the good part about
Gst is that instead of having numerous numerous laws they will get consolidated only two three laws and secondly a lot of lr anomalies are now intended to be streamlined with gst coming in force yes i know the question running in your mind is but what will be the rate of gst will it be 8% will it be 10% will it be 16% well we are not sure at this point in time it
Is still being debated in the parliament but what we know is that if see gst is 8% and s gst is 8% it is very very sure that the formula says that i gst is equal to c gst + s dst therefore your igs t will be 16% so if the base rate is 8 percent and the itst will be 16 if base rate is 10% itst is going to be 20 so this is in brief about gst stay tuned to our channel
And we give you more updates on what is going on with gst what are the benefits of gst what are the shortcomings of gst and how entire gst modus operandi will function we all know that people from non finance background struggle to manage their finances to hit the reality when they get their first paycheck and from then on they are all by themselves manage their
Money on their own for lifetime it’s like asking you to fly a plane without any formal training it’s very risky so our end ever through our books our videos and all other mediums is to educate you financially so that you don’t outsource managing your own finances to somebody else and suffer because of inefficiencies of other people grab your copy today finance for
Non-violence stay tuned to watch more exciting videos coming video on black money and the new black money law we have heard that government is taking some stringent step to cut black money we’ve also heard that government plans to discontinue all the currency nodes before 2005 what will happen how will we deal with it so dillmore more about gst how to save tax
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Transcribed from video
GST: Goods and Services TAX | Finance for Non-Accountants By Finance Tube
