Proud moment for Modi supporters.

[VizagRocks]

1 minute ago, batman said:

TN is a better developed state. its ok if it contributes more for central expenditures.

So what changed since Congress was ruling India? What was all the noise Modi made about federalism for? It became 'cooperative federalism' once he became PM. What a hypocrite.

 

[VizagRocks]

1 minute ago, batman said:

india was always a single market??? are u kidding? as per GST states who lose money will be compensated

yeah. other than tarriffs and VAT input credits, nothing stops states from trading with each other. That is the definition of a single market. Not ideal, but close.

That is what Europe is. Even US is such a single market only, but they don't have GST.

compensation for GST is a joke, anyway. That is not the crux of the issue.

[batman]

what about other benefits?

- business at every level will declare transactions coz they now get a refund. generation of black money will decrease

- toll gates and taxes collected at every state and the corruption involved there. all will be gone

[VizagRocks]

I'd be okay with VAT covering even service tax, excise tax etc.. central govt should not get a share in it.

Still remember the huge issue Canadians made about GST, which was progressively reduced to 5% now. How much is it India? 14%. wow. daylight robbery by the central govt.

[VizagRocks]

2 minutes ago, batman said:

what about other benefits?

- business at every level will declare transactions coz they now get a refund. generation of black money will decrease

- toll gates and taxes collected at every state and the corruption involved there. all will be gone

yes. but states should be allowed to set their own rates. I'm okay with such a GST. Also central rates should be approx. half of state rates on an average.

[batman]

3 minutes ago, VizagRocks said:

yeah. other than tarriffs and VAT input credits, nothing stops states from trading with each other. That is the definition of a single market. Not ideal, but close.

That is what Europe is. Even US is such a single market only, but they don't have GST.

compensation for GST is a joke, anyway. That is not the crux of the issue.

what about an international firm having a manufacturing unit in jharkhand wants to get the products to mumbai port and ship it to his country? how many taxes he needs to pay?

you don't seems to understand GST in entirety

[VizagRocks]

1 minute ago, batman said:

what about an international firm having a manufacturing unit in jharkhand wants to get the products to mumbai port and ship it to his country? how many taxes he needs to pay?

you don't seems to understand GST in entirety

actually, I understand tax systems perfectly. having done some business early 2013 there. GST wasn't in effect. But I understand the range of taxes a manufacturer has to pay for interstate trade.

GST does ease most transaction taxes. The only issue is high central share, and inflexibility of state to determine its own tax rates. The current GST puts state finances at the mercy of the center.

[batman]

3 minutes ago, VizagRocks said:

yes. but states should be allowed to set their own rates. I'm okay with such a GST. Also central rates should be approx. half of state rates on an average.

why don't you study the GST properly first?

GST has  state and central tax, states can set their tax rate.only difference is there is a uniformity in terms of products and services based on luxury/non luxury 

[VizagRocks]

1 minute ago, batman said:

why don't you study the GST properly first?

GST has  state and central tax, states can set their tax rate.only difference is there is a uniformity in terms of products and services based on luxury/non luxury 

you are saying the exact same thing I'm saying, except you give the illusion that state has the power to set its own rates, based on how it wants to plan its economy. It doesn't.

[batman]

1 minute ago, VizagRocks said:

you are saying the exact same thing I'm saying, except you give the illusion that state has the power to set its own rates, based on how it wants to plan its economy. It doesn't.

gst council has all states represented and they all will agree one rate acceptable to all. now how they create uniformity is their headache. think about the get benefits and every state have to work around to make sure their finances are balanced. if they are losing out somewhere they will have to work to plug it instead of crying

[batman]

1 minute ago, VizagRocks said:

you are saying the exact same thing I'm saying, except you give the illusion that state has the power to set its own rates, based on how it wants to plan its economy. It doesn't.

gst council has all states represented and they all will agree one rate acceptable to all. now how they create uniformity is their headache. think about the get benefits and every state have to work around to make sure their finances are balanced. if they are losing out somewhere they will have to work to plug it instead of crying

[VizagRocks]

CBN cannot give GST exemption like he does now under VAT.

[VizagRocks]

Just now, batman said:

gst council has all states represented and they all will agree one rate acceptable to all. now how they create uniformity is their headache. think about the get benefits and every state have to work around to make sure their finances are balanced. if they are losing out somewhere they will have to work to plug it instead of crying

yeah council is another complete bs. It doesn't have to be one rate that is acceptable to all. That is the problem with GST.

[VizagRocks]

2 minutes ago, batman said:

gst council has all states represented and they all will agree one rate acceptable to all. now how they create uniformity is their headache. think about the get benefits and every state have to work around to make sure their finances are balanced. if they are losing out somewhere they will have to work to plug it instead of crying

It is an unwanted headache. Something that can be eased with a good software (inter state transactions with different state GST) is now stuck in some council.

[VizagRocks]

anyway, time to buzz off. I'm off on a long holiday.

Have a nice weekend.