Revised rate of GST. Implications?

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ponymo

@ponymo

Sparkler

+ 4

Posted: 8 years ago

Indicine.com @indicine

GST Revised Tax Rates: Movie tickets priced under Rs 100 come under 18% slab. Base price of tickets over 100 will come under 28% GST.

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Don't worry, be happy.

@Ranbirrocks

Stunner

+ 4

Posted: 8 years ago

Someone explain this GST please

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Angel-likeDevil

@Angel-likeDevil

Trailblazer

+ 3

Posted: 8 years ago

will tickets be more pricey than before? 😔

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Angel-likeDevil

@Angel-likeDevil

Trailblazer

+ 3

Posted: 8 years ago

Originally posted by: Ranbirrocks
Someone explain this GST please

Goods and Services Tax.

Earlier(even currently), India has an indirect tax system wherein both the union and state levy taxes often leading to double taxation, and taxes levied by the states varied from state to state(lack of uniformity) - so, our tax system was/is complex. And this complex tax system led to a cascading effect wherein goods became more costly than they had to be.

GST is no panacea for this, but is atleast a single taxation system for entire country(yes, even inter-state tax transactions). It is an "umbrella" that subsumes various indirect taxes like - excise duty, VAT, service tax, entry tax, octroi etc.

IDK more than this. Hope I could help 😊

Edited by Angel-likeDevil - 8 years ago