Chandigarh becomes the first region to have GST whereas other states yet to pass their Act. The Union Territory Goods and Services Tax (GST) Bill has got the assent of President of India. The Central GST in Chandigarh is likely to take effect from July 1 this year.
Post GST in Chandigarh
- Post-GST all the indirect taxes like service tax, excise duty, value added tax, entertainment tax, luxury tax, octroi, road tax, toll tax, stamp duty, electricity duty will become one tax — GST.
- It is also expected that GST will reduce the prices of goods and services.
- Duties on alcohol for human consumption shall continue to be levied.
- All decisions shall now be taken by the Centre after recommendations from GST Council.
- When goods will be sold to another state, the Integrated GST will be levied.
- A registered person supplies goods or services or both within Chandigarh he will be charging the Central GST and the UT GST.
- GST will give the seamless flow of credit of tax.
How can GST in Chandigarh You?
GST in Chandigarh to be implemented from July 1 and Chandigarh becomes the first city in the country to have GST. Know that how is it going to impact your daily purchasing or selling.
All the customers are going to benefit from this GST as the prices of the products will reduce except some. Products like cellphones will definitely reduce its cost.
The Marketeers shall get the Credit of taxes paid on purchase of capital goods (used to grow business) from a manufacture which earlier was not available.
GST will bring uniformity in taxes of the country, the entire country shall now be an open market for purchase of raw material and other inputs. There will be smoother flow of goods without any resistance.
Professionals shall be allowed to take credit of the goods they purchase for their practice, which was earlier not allowed. This will reduce their costs, implying that good quality service shall be given at cheaper rates.
GST will encourage the investors to invest as it will do away with the multiplicity of tax and will promote business doing in India.