How GST has CHANGED/ MESSED UP the Indian Economy?: Indian Business Casestudy (Corrected Video)
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- Опубликовано: 18 окт 2022
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VIDEO INTRODUCTION:
On 1st July 2017, the government of India made the grand announcement of the Goods and service tax or GST. and as soon as this announcement was made, the largest democracy in the world went through a major economic overhaul!! and as usual, just like any major policy, while one side, there was a segment of media that glorified the move, on the other side we had people portraying it as a disaster in the making!! While one side GST was a subject of celebration on the other side it was a subject of protest!!! so now that its been 5 years since its implementation and with elections coming up VERY soon, if you want to be a well informed citizen now would be a good time to understand the impact of GST in your life and my life!! So in this economic case study, let's go deep and try to understand,
Why exactly was GST implemented?
How did it affect the economy of India in both good and bad ways?
and most importantly, as students of business, what are the study materials and factors that will help you understand this revolutionary economic policy of India!
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✅Study Materials:
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14:28
That's deceptive!! Please reconsider,
1️⃣You can indisputably check whether ur supplier paid the GST or not,just login GSTN account >Return > Return period of ur invoice that u want u check > GSTR 2A return
That's it ,u can check the return filed by ur vendor.
Incase to avail ITC check through GSTR 2B , u can avail all the credits of supplies that vendor has filed!
2️⃣U can also rectify the return that has been filed for the month during such omission or off beam particulars are perceived by admitting pertinent particulars in Amendment Tables contained in GSTR 1 before the due date for furnishing of return for the month of September or 2nd quarter as the case may be!
Hi, How do we connect with you ? Sent a connect on Linkedin.
Why did you make a video like this?
In the context of the old tax regime vs the new clearly, GST is far better.
Clearly moving forward is more important, Improvements continue to happen.
I am really disappointed at videos like this, really no credit is given where GST is better than the old regime in all areas of the economy as a whole.
Hi
I think now a days we are not getting as many as Business case studies of India Business. Those contents made your channel standing out of all other contents in RUclips. Please make some time to work on Business case studies of India Business. Try to make videos of those on regular time intervals.
I think you should take 100 rs and 18% rate example, i got it but it will be easier for other viewers to understand the concept
I sincerely appreciate the fact that you uploaded the whole video again, just because of 1 calculation mistake. This tells your commitment to spread no fake thing in the society, unlike some who at first do not acknowledge the mistakes, even if they do, they don't change them. Hats off
Bro some 3-4 months back a fool made a *shorts* video on INDIA VS PAKISTAN ARMY and when people corrected him by saying that both the videos are from India (that video was supposed to show Paki Army personnel's epic stunt fails) but even though he was wrong that stupid didn't took down the video just because that video had million(s) of likes and views
@@omkarupadhyay406 he is a German shepherd?
For those who are wondering why they posted the same video again is because there was a calculation mistake in the first video so they repost the video as corrected calculation video.
Thanks
Somewhat I am also thinking
i thought i was getting deja vu
@@abhiram_ashok mee tooo
Couldn't they just update that in description of that video? Just thinking
As a Chartered Accountant catering to businesses across various industries, I can say that this is really good content on GST for a layman. As far as GST is concerned, it is no where close to the vision and benefits with which it was implemented. It is so many complications, which a common businessman is bound to not understand or follow, knowingly or unknowingly.
I am also a CA. The complications in indian tax system is only because of jugadu nature of indians. Every time we find a way to evade taxes, each time govt has to make language tougher or introduce new sections. We are directly or indirectly responsible.
@@DM-zb8hw Partly agree with you. I am from Gujarat, and from the conversation with my Clients, what I have understood is that businessmen are not wary for paying taxes, but the rates are too high and the system and compliances are too complicated. And Officers misuse their power to a great extent.
@Syedbakeruddin Bekar Everyone have their own views and learn to respect them. Every businessman must have some basic knowledge of taxation. But, in my opinion GST law is complex enough to not to be understood easily in day to day compliances by an ordinary businessman. As far as my CA membership or either I am dumb or fake, I need not prove to you. Peace.
Well that's true. Efficiency of GST may be low, but personally I think it was a necessary and correct decision
@@dattrajsinhpiludaria6161 yes and it's still changing and is not at a very mature stage yet I'd say. It has definitely impacted how businesses function though, the complications are also a result of the continuous effort to evade tax by taxpayers, else honest taxpayers are finding it quite transparent and easy to comply with.
Weren't we already covered this topic before?? Or am i time travelling !!😂😂
Aree haan, I was also thinking the same thing 😅
yea same thing i just commented
Deja vu
Same sir even i m thinking
They mentioned as corrected video. They might have made some mistake earlier
1. you can amend the invoice details & revise taxes.
2. you can check whether your supplier has paid taxes before you avail ITC by searching your suppliers GSTN in GST portal and then clicking on show filing table option. there you can see whether GSTR-3B has been filed (payment of taxes)
ruclips.net/video/S2D01rPTq1Q/видео.html
Lekin Uss table mein GSTR 3b toh pichle tax periods ka dikhege naa.
Eg.: 20' Sep mein yeh kaise dekhe ki supplier Aug ka output tax pay kiya ya nhi? Kya pta voh bhi aug ki filing ke liye last date ka wait kr rha ho
@@anant5065 who kyu chahiye, aap GSTR-1 dekhke agar file hua hai to, apka GSTR-2B mein Invoice reflect hua hoga, toh input claim kar sakthe hein
Excellent content. Lot of work needed to improve GST. GST is excellent concept no doubt.
But middle class, small buisness is slowly already in debit and there margin almost dead ...
@@khadirm1525 tu sirf apna madrsa sambhal, baki kaam mere Brahmin aur baniya Bhai log dekhlenge..
GST is Best., In any regard.
@@antarakmit4114 Bro, he is not criticising as a fool, he is giving constructive criticism so that the current government can do even better than what it has done, it is ultimately good for our nation (btw I am not a Congress supporter, its sucks due to corruption and vote bank politics).
@@antarakmit4114 Dude even I support BJP due to brave approach on political economy abd reforms, but when people say there is a issue atleast listen to them and their view first.
We should continously strive to be better, and no govt is perfect because we ourselves can never be perfect.
India Will Go Down 😏😏😕
We have a small business where we procure goods from different states, so we can't opt for composite gst, our monthly income varies from 10k-20k per month so maintaining a regular GST has become a headache. Also a lawyer maintains our filings so our profit has gone down drastically. GST is hurting small businesses.
Being a CA student, I know there are many msme facing same problem.
The only way is either you learn through youtube videos, or hire a CA drop out guy as a accountant or you find some CA student, they will get it done for less amount .
@@ravindrakunwar4847 our lawyer does it at the lowest price possible and I tried self filling but as we can't afford a billing software, calculating taxes gets really messy and top of that many times there occurs some unexplainable fines which is really hard to settle for me.
To bada bussiness kro..
@@shashanknayakk 💩💩💩😂
@@shashanknayakk no GST don't meant no filings
I am a CA Final student and this video was very well explained!
A few clarifications for audiences regarding loss to manufacturing states:
GST compensation cess is charged on products like Tobacco, cigarettes, etc by which the government compensates to the loss making states by taking the VAT revenue of all the states for FY 16-17 (having incremental factor @14% p.a) as the base and comparing it with the annual GST revenue for a period of 5 years.
With so many youtubers and content creators talking without verifying their claims, here is this guy who is updating a second video on the same concept because he had given some wrong calculations in his content. Shout out to this guy. Applaud👏👏
Really appreciate videos like these that provides good clarity for non financial people to understand how system works. For example in Malaysia, when GST was introduced, it created so much havoc to businesses and consumer due to lack of knowledge and explanation from the government it led to massive dissatisfaction among the people.
Did it benefit the country?
They went back to SST, no more GST in MY.
I guess these lessons were taught in the other episodes also, I suggest and request to make more sessions on the manufacturing business, defence, growing renewable energy and other finance explanation
There were some calculation errors in the previous video & this is the correct version.
This guy teach economics better than my school teacher
👏
🙏🙏🙏
You are probably in a bad school
@@streamingtv7200
Any teacher cannot explain any topic as nice as this guy is doing with diagrammatic representation
On a motion
Yes smart classes can do
But most teachers only focus on syllabus
Their are pros and cons in every aspect
So yeah u can say that
Dont internalise it. He is off the mark on most the things!
@@manh9105 For example?
In which high school are they teaching economics to school children?
Why the government does not improve the negative points?? If it removes these weakness then it will be a very good policy.
We pay 18% GST for health insurance. This is seriously crazy.
After paying highest income tax rate..and various other indirect tax..
Forget getting insurance from gov we have to pay heavy taxes on that..
Middle class is not taken care of since we are a small portion of the population..
And we do not have time to fight for it..
@@sanketnegi1 paying GST, income tax , house tax , water tax , and taxes on petroleum we don't even get a drivable roads. Our finance capital Mumbai become Atlantis in every monsoon
@@evilentity302 Haha..
I was born and raised in Mumbai..
Until I was 20 I never wanted to leave Mumbai..
But Now I am desperate to leave it after 10 years..
The population.. the roads and other Infra. Nothing goes our way..
No wonder people are leaving India for other countries..
Obviously we are blessed to not have conditions like several other nations..
But at the end we are humans and we always need better..
And there are places where we can have better life styles for the same amount we pay..
@@sanketnegi1 better? 100x better mate I get 2 hour traffic in Mumbai to drive 10kms after paying 30% tax ffs, dirty sainiks making metro since 10 years ...fking cancer
@@evilentity302 the maha government is corrupt as hell
BTW - great presentation skills. Really loved the slides. You are a master story teller - sir.
To a noob like me who know barely about economics and polity, this video is very meticulously curated. Thankyou for all the info🌻
I wish ministry of finance can read all these comments along with this video so that they can know honest problems and honest benefits . Thank you for making this video, again i would say, you are GEM !!!!!
ministry of finance is good only for makin and selling pickes
Really a very valuable presentation. Nice job!👌
During VAT introduction in 2005, manufacturing state face the same problem. After 3 years problem got solved by the same way of GST compensation method. In VAT method manufacturing states charged maximum 2% tax on goods produced on their state. It takes some time to get better result.
Most importantly some service sector making fake GST bill. For example service sector like booking room in offline charges 12% GST. Consumer don't know whether owners paying GST to government or not. Because booking room is business to consumer with no intermediate. So there is no chance for claiming input tax credit🙏🏻
Or kitna time lagega 100 saal
@@sakshamkumar321 As RAGA said, Gst is a good idea but implemented in a bad way.. A simple taxation system turned into complex one with so many tax rates and tax returns..
Bhai GST ko 5 sal ka uper hoo gaya no improvement still
@@SauravSingh-oi6gd government ko criticism pasand hi nahi hai waha bolte hai we are perfect we can't make mistakes toh fir problem solve kaise hongi
@@SauravSingh-oi6gd Tumhare ko kya problem hai ismein, ye batao na. Opposition states GST council meeting mein andar kuch aur bolti hain, bahar aa kar political statements deti hain. It is better than multiple taxes and less tax than earlier. If you make one tax band, then also opposition will say tax laga diya, tax laga diya whereas they themselves want higher tax band.
Correcting your point on real time check on Supplier's tax payment: We can check if our supplier has paid our GST or not through GSTR-2A/2B in GST portal
Hey everyone.
As promised here is the corrected GST video with proper calculations of the old Tax system.
Sorry for the error :)
Hey Ganesh,
You have to correct 2 more words too ,presently you can check the Gst payments made by the supplier or not,in Gst portal with help of FORMS GSTR-2A and GSTR-2B AND the other mistake is as you said we cannot revise the return but can make Amendment in the following month Filings so its not a big deal..... or u can adjust it while filing Annual return by Reconciliation.
Pin this comment
Now i got why i am seeing this again.. I thought i am experiencing dejavu 😅
Please pin the comment
Another problem which needs to be resolved is the issue of inverted GST on certain export industry... Thank you for making yet again fantastic video🌹🙏
Very informative & in depth research can be seen on GST. A big thumbs up!! 👍💯
I reckon GST is enabling the transition of businesses from unorganised sector to organised sector. This will help in two ways; improve tax collection (which is going up month on month) thereby giving revenue for the govt to spend on priority sectors and welfare schemes and second in reducing black money. I believe GST is definitely a game changer for India and it’s benefits will become visible in the coming years.
IMP of Video
1:00, 1st July 2017 GST interduce
2:59, Cascading Effect of the Tax explanation
4:49, Benefit of GST 1. Don't pay Tax on the Tax 2. Cost of product down 3. Input Tax help business to paid low tax 4. Free movement of goods for inter-State trade 5. Curbing of Black Income Generations
6:55, Truck spend 16% of the Time at Check-Post of documentation when passing Inter-State
9:15, Tax authorities have detected GST evasion of 40000cr in over a year because of fake invoices
10:08 Disadvantage 1. Tax increases of Some Industry like Gaming Industry 2. Problem with Consumer State and Manufacture state 3. Problem with Penalty Payment 4. No system of revise your filing
@Syedbakeruddin Bekar i am optimistic to the current govt, but still i have a doubt that, according to start of video they said GST can bring reduction of cost for customer.....but today we are paying more and more for any product interms of taxes.....how is it beneficial to people, please tell me.....is it really bring good results for future or is just collecting extra money from common peoepl, because when ever the month ends, we middle class suffer a lot, becuase we need to buy things like pulses, oils, etc..for the month,,,,for every item there is hell amount of GST, we reduced our consumption to reduce our bill but still we are facing around 4000 for a month in which almost more than 1000 is going for gst, for middle class this 1000 is more becuase we can buy some medicines with that 1000/- and also the petrol is the serious issue
@Syedbakeruddin Bekar tobacco and expensive things, is this an answer, the answer which you wrote above is ok, but what's this tobacco and all, are you mad? If you want i can send our monthly bill to your email, we buy oil, pulses, jaggery, suger, etc.....only eatables and we used to buy paneer but because of high prices we are not buying it😢 , you statement really hurted me😢, we are decreasing our purchases due to prices, we used to buy badam 500g but because of high prices we are opting it out, and saving that Money for college travelling, you really misunderstood my concern we are lower middle class people, even when the gas cylinder is about to end, we get fear because it is costing around 1000/- ,
May be you can afford that tobacco and expensive things, we can't 😢 really we can't even imagine of buying them because of high prices we are opting out some items like badam, dry Fruits, etc... How can we think about those expensive things 😢 the only problem for me in this govt is this the increase in cost of living for middle class people, remaining all I support this govt. Please note it.....
The basic problem is with the petrol and diesel they are increasing the final cost of the product more and more and adding tax on it is costing still more, that's what I mean😢
Always learn something from ur video...
love the content and your communication skill 🙂🙂
Automotive industry is also one of the industry which is taxed unfairly and there's different slabs as to the length and width of the car, engine capacity and the combination of both eventually winds up in the tax. Plus cess is been added to the final gross amount, which constitutes the ex-showroom price including company profits and showroom charges, transportation charges. If it's a imported car its even worse. Its one of the biggest industries in India unfortunately people end up paying high amount for a car. Yes emi options have made ease of buying but they end up paying a lakh more or so to the bank as interest. The RTO charges are different in different cities, that's another issue.
car is a luxury product. being a pollutant, its aptly taxed. there isn't enough space for cars as compared to population here.
Like how GST is revising, this video also gets to revise 😉
GST is implemented on 1st July 2017 GST - " One Nation One Tax " Single Tax system in country and GST council head by Financial minister and state finance minister as members and They are There types of GST ( Central GST & State GST & Intra state GST ) and GST slab of 5% 10% 15 % 28 % rates on the product and some states are suffered manufacturing ( Producer state) suffer lot like Tamilnadu state 2nd largest economy in india and GST reduction of cascading effects monitoring the tax evasion & Disadvantage of Gaming 🎮 Industry and some business get loss with tax on tax for some industries and Think school 🏫 explore GST tax benefit and loss to people 👍 way of presentation 👌 Research analysis by Ganesh anna semma super
Watched the previous one too but this one is like revision.Thank you Sir for bringing such useful contents. If possible Sir i would like you to cover the RESERVATION content please.
Did you able to find out what was the mistake in previous video made?
Back in 2014 the cost of manufacturing was kept low at 100Rs but now cost will have increased to 125Rs and final calculations comes back same old values. Earlier Govt benefitted by extra VAT collection now manufacturer is collecting that difference in money by increasing manufacturing cost. Ultimately absolute number matters for consumers and not these calculations. During VAT days the cost of many products were low even after paying higher taxes but now it is bad.
GST has both upside and DOWNSIDE. The biggest is 28% tax bracket. Also for many cases in manufacturing the output gst is higher than input gst hence extra tax has to be paid. There're also cases where we can't claim gst input as well.
28% is on sin goods only. if you don't pay taxes from your own pocket , how will government actually collect tax. if you have say 20 lakh input-tax-credit and 20 lakh liability every month, then you will be paying 0 taxes. What are you even suggesting?
i still think gst is best with minor adjestment especially for interstate
Ganesh sir ,
I want you to make a video on “ government elections “ ie how election takes place ?, how a representative stood up for the election ?,”gathbandhan”, different designations and all other related terms nd functions , and also the term widely used in indian movies “corporator”(in hathyar movie) ,
Thank you
I agree on the last comment, yes taxation some industries are crazy, that needs to revised and corrective steps to be taken ..
One que: Why does local shops DO NOT give bills for whatever items we buy? or give KACHHA bills if asked?
if they are not required to get registered under GST, then they are not legally required to give GST Invoice. for small traders, it doesn't matter to them either due to lack of knowledge or ignorance or education
There is gst on insurance premium also...2 percent...lic gives approx 5 percent returns but 2 percent tax on premium isn't counted
There is many problems.. this didn't decreased tax burden but increased burden
that's a call of government; not GST law's fault. govt can tax whatever it wants in the name of whatever tax.
1) A person who play’s games online for sure he is having a good handset/computer system which shows he is a well to do person hence 28% is applicable here.
2) The credit system applied has done a good job. To avail ITC the seller has to pay GST or else the buyer wont be able to avail the credit. This has taught a discipline to the business industry in terms of tax. Payment of taxes should be on time or else it will be difficult for the govt to track businesses as well as their monthly trades wont settle.
3) But I agree on the point that GST is a consumer orientated tax and not a produced and which should be vise versa and also govt should introduce an option to revise returns same as done in incometax returns. It’s the need of the time
Waiting on this Case study by think school !! absolutely perfect study
Sir can you take a live product from each sector where gst varries for each catagory ,and then compare with the prize Before the gst introduced ,i think then we can decide based on the difference gst is good or not to the country and it's people can you make a vedio on it
what you are suggesting cannot be done by a YT channel/ without data collection capability. it can be done by trade bodies like FICCI etc. only
When congress wanted to bring the gst, gujarat objected heavily as it would had costed loss for rs 34000 crore every year for them. But after bjp govt in centre came there were no objections made
So whom u r targeting? Bjp or congress?
This is called ignorance. Many states opposed it so for 5 years government gave back some amount to respective state government.
🤦
@@yash_kambli do you want to know the side so you can come in their defense and lick them out
This is politics. No matter who governs us - bjp or congress, the middle class people here will always suffer....
Thanks for showering so much knowledge upon us 🙏🏻
Amazing content. Very insightful, keep doing the great work guys
Wow good study .. iam from textail industry its killing us
*PM Modi has turned his attention towards industry reforms with demonetisation, GST, and the Insolvency and Bankruptcy Code (IBC). These were undertaken to reform corporate India and rid the country of crony capitalism. These reforms have drawn criticism from many, perhaps forgetting that demonetisation has broken the back of the black money class. The use of black money has reduced considerably. Long-term habits to deal in black money have been mostly converted into the default use of digital banking systems.*
_GST has been an outstanding success towards India’s move to reduce supply chain costs, which today account for 14% of GDP as against 6% in China and 5% in the US. Seventeen taxes were rolled into one, providing a uniform system for the first time in 70 years, and effective indirect taxes have reduced. In its first month, the system onboarded 56 lakh filers. For various reasons, GST has not shown buoyancy, but one can expect to see the effect in the future._
*Infrastructure development has been another significant push of the Modi government. Rural road connectivity, railways development, and construction of high-speed roads, ports and airports have taken off at a fast pace-all vital ingredients to increase India’s productivity and reduce supply chain costs.*
*Make-in-India, at commencement, was not a great success because it was cast in the traditional mould without a focus on the policy changes and incentives required. Subsequently, the Production Linked Incentive (PLI) scheme for large scale electronics proved successful-mobile manufacturing has risen multifold, making India an exporter. Merging PLI-like strategies with the Atmanirbhar Bharat Abhiyan push could make Make-in-India a success.*
*PM Modi’s next focus was health. Ayushman Bharat was launched to provide health insurance cover to the millions of uninsured in India; 12.6 crore e-cards have been issued, and 1.2 crore hospital admissions were managed through this scheme. The next frontier in health is the Bharat Health Stack, built on the India Stack architecture, which will further improve access and management of healthcare in India.*
*Other reforms that have the potential for sizeable economic impact have been in simplifying labour laws, incentivising and reclassifying MSMEs, especially with the guaranteed loan programmes, reduction in corporate tax rates, and deregulating the farm sector, which will empower farmers to double their income by 2022.*
The emphasis on employment needs better policies and focus, but it will certainly improve when the effects from these other reforms bear fruit.
During the Covid-19 pandemic and national lockdowns, PM Modi’s focus was on ensuring the lives and livelihoods of the bottom-of-the-pyramid. All the reforms and digital advancements made earlier are proving extremely useful in these difficult times. Rations and minimum income support were extended to 80 crore Indians, which wouldn’t have been possible without Digital India and India Stack. PM Modi’s housing programme has also been an outstanding success in bringing dignity to crores of Indians with pucca housing; 1.1 crore houses have been built, targeting a total of 2.95 crores by 2022. The return of migrants during the Covid-lockdown has accelerated this programme and enabled them to build a life in their hometowns. With this acceleration, the timeline to build a house has reduced from 120 days to a 45-60 day horizon.
*_At this rate, by 2022, all Indians will have access to basic necessities-housing, clean water, gas connections, bank accounts, internet and mobile connectivity, road access, and education-especially with the implementation of the National Education Policy 2020. For a population of 138 crore, these are remarkable achievements. PM Modi had a clear strategy to reach this point, unambiguous aspirations and a structured sequence of reforms and policies._*
Previous political regimes launched schemes like Garibi Hatao, which were unsuccessful because they focused more on politics and less on execution. PM Modi has inverted this paradigm, and personally monitors and reviews progress on the programmes. He leverages technology platforms wherever possible to ensure the programmes are executed as soon as possible. He sets clear priorities for himself and his government. He has not fallen victim to unnecessary politics. His foreign policy moves have made the Middle East friends of India, and the entire world looks more favourably on the country now. Standing up to hegemonic China, too, has improved our standing in the world.
*No prime minister has done as much for India’s development as PM Modi has in his EIGHT years.*
Demonetisation had never broken black money class rbi itself said only 1% was properly cleared because majority of the riches are not in cash but transfered to tax havens only the common people suffered not to mention the lack of trust in infian rupees it created in foreign investors and gst was a half-baked scheme don't just put data that are only convinent to your ideas see the entire picture our gdp growth has reduced from 7 to below 5 during the year of it's implementation even now rbi has said india didn't achieve its expected growth this year despite having all the favourable conditions
The only economy is now in ICU post all this , please don’t kill it.
Stop copy pasting this shit everywhere
@Vaibhav Jain 😂😂
How do you manage to write such a long comment on a yt video
Hi Think School! Loved the video! Would you look into making a video about BRICS making its own reserve currency and how Saudi expressing interest to join BRICS and BRICS countries buying a lot of gold in recent months to build a gold backed BRICS currency could all point to the fall of the US Dollar!
I didn't read the title(Corrected Video) and feeling nostalgic XD.
Very informative 👍
Looks like a reupload. @Think School. i remember watching this videos already, even the dialgogues sound familiar
i like the sound it gives me goosebumps.sometimes it is also revolutionary our mind.i think content is best.i love to all videos.and Ganesh sir I m proud of you bcz u are civil Engineer.I m also Civil engineer.today every sector there are 3 kind of engineers shown in market like elecriacal,civil & Mechanical Engineer.sir make video on this field to make Reality of Salary Package Of this Field.How this branches Engineers Survive to low pay in our Country.
Rectification required
GST 18% applicable for
Services provider 20 Lacks and above
Manufacturing company 40 Lacks and above
Treders or Merchandising how much to pay please clarify?
Legends know its reupload
GST is not a revolutionary "Indian idea". It is Globally practiced. Implementation of GST was need of the hour for India to stay competitive.
GST is great when compared to older tax system despite few implementation failures.
it will be revolutionary for the economy of India if the faults are rectified
nowhere its stated to be an Indian idea here.
A good Critical Analysis of GST. Love from a Public Policy Scholar.
This video on GST was already published sometime back and that is not there anymore. Are there any corrections made with the content in this video?
I think I have already watched this video before. did you??
What correction he made🤔
@@bestcricketbowling9947 dont know
The title is not suitable for the content of the video
let's wait and watch... don't make presumptions
What is ur suggestion? 🤔
clickbait
@@junglee-bee advantages and disadvantage of GST policy.
All you said are right bro but the problem is that the cost of basic necessity goods are still increasing even if gst has been working for 5 years
Always feels like I should start the video with a bunch of Pen notebook and a marker.
Great work guys
Understanding Women Mind and Indian GST both are Head-ache to any men
all Punjabis are Ameer...
as Paratha is a luxury item🙃
Ready made Paratha me naki Ghar ke
Yes ... After all indians like poverty 😂😂😂😂 but we dont
@@ManpreetSingh-cj7yb factss brother😂 (waiting for another asshole to start an argument about this)
@@amanbalani557 aree haa reeeeeeeee
I think I had already watched this video earlier, Is this a continuation or a repost of same video?
i am so proud to be a part of this school. And i wish i can be as creative as ganesh bhaiya. Thanks for everything really aprreciate your ideas, and where can i access your communication course.
You should criticize Demonitization not GST. It was the Blunder of Modi due to which economy slow down
Use this as a love button for India 🇮🇳❤️let's check how many do we get.
Imagine being a like bhukha🤑🤑
Hey man! your videos as usual are great, but I feel you should have made a mention of the biggest issue with GST ,which is : How tax credits are used at each point by (Manufactures, wholesalers, retailers etc.) through out the value chain until it reaches the final consumer and it is only consumers who bear their proportion of full tax burden. (Point I make is debatable) but can have a better solution. Cheers 👍
Again, I absolutely love all your of your content. It is truly educational. ❤
that's why it is consumption based tax
Government May introduce gst claim option for income tax payer.it will hope to increase the return of income tax payer.
I am only 3 min in the video right now, but why am I getting this sense of deja vu??
Is this video perhaps a re upload?
I think I've seen this exact video a few days back i swear. Is it a re-upload?? 🤔🤨
We had to shut down our small shop of gift items, cosmetics and toys after the GST was brought in. Margins plummeted like anything, many other similar shopkeepers had a hard time surviving.
Condition is still not as good (if it was good back then) as it was before the implementation of GST.
PS: not a fan of Congress!
Well I had watch your previous episode on GST but how it happens when I purchased goods worth 30000 using credit card and the bank deducted 600 which cost my expenditure to 30600
Can you give some explanation about this
Yes
In July 2017, Gst was levied on Ocean freight @5% and on Air freight @18%. We don't know what's d logic of different rates. Deptt withdrew it on 26th December, 2017, which is again levied from 1st October, 2022. Another issue now is it should be treated as IGST, which is basically applicable on interstate customer
Disaster Only..
Till date they are not able to figure out which item put into which tax slab 😁😁
It’s not that simple, changes are being made to fix that issue
People like you think everything is a piece of cake and desh chalana to mazak hai but I agree sitsrsman is one hell of a shitty finance minister.
tumhare jaise logo ko lagta hai ki 1.3 billion logo ki country chalana mazak ki baat hai
@@thewayne6403 she's clearly the worst finance minister
Re-upload 😀🔥
Exactly! I have seen this video
The thing is that though on paper GST might seem revolutionary, but in real life when you as a consumer go to buy day to day stuffs or other services or goods, what one commonly hears from retailers or wholesalers is that prices are high because of GST. I have failed to understand how benefits of GST have percolated to common masses.
Just by reducing tax rates the negatives can be easily resolved.
middle class shrinks down to lower middle class and bpl
*I'm done sitting tight for the award advance since i acquire$23,000 every 12 days of my investment* 🥺❤️
Same here, I earn $13,000 a week. GOD bless Samuel, he has been a blessing to my family.
l just got myself a new Tesla model car just few weeks back after started trading with Mr Samuel Leach, he's such a great man 👍.
Ayaal oru killadi thanne
@@govindm5421 it is fake
It takes will to correct something and renew it.
Respect bhaiya
During covid 2nd wave, concentrators were in huge demand as it was a life saving equipment. Even in that period GST is included for concentrators.
@think school I think you guys should update the 'Communication Masterclass" by putting research module into it.
Have prices of day to day goods and services really come down ? Does anyone actually believe this? And under GST, even a small business or professional has to file GST returns every month even if they cross the GST threshold even once. How is this business friendly ?
I'm skilled and experienced, I'm 27 years old and unemployed with only Rs. 50 in my account. I see so much potential with our human resources but either gov gave squandered all potentials. A tragedy.
Informative and well presented 👍
It would have been even better if u had mentioned another important point, regarding the GST compensation Cess.
The govt had promised to the high performing and producing states the compensation for any revenue loss due to the switchover to the GST regime for 5 years (from 2017 till June 30, 2022). We all know how delayed and untimely these compensations were made through these years. Keep in mind the economic situation by 2019 was already at a slump.. let alone the onset of pandemic years.
These years the revenue through this indirect taxation on goods and services for the states took a big hit, and it had a direct impact on its revenue, the share in percentage for compensation was also influenced by this impact. Now that the deadline has ended, the compensation to these States has ended (Jun, 2022). Interestingly, the Centre however has not ended it's cess collection, rather extended it upto Mar, 2026.
So one hand the States are prevented (stopped) from getting their GST compensation and on the other hand the Centre continues to collect the cess via an extension another 4 years. 🙄
The centre justifies their cause saying we gave the compensation from loans during the pandemic. However this doesn't do justice for extending cess collection by 4 years.. as they would be collecting more revenue than what they gave as loans in the few months as compensation. This is why some states argued on extending their compensation period as well.
To put it bluntly, the Centre has used the pandemic as a reason to extend its Cess collection by 4 years while denying the same luxury to the States on compensation who had been through an atmosphere of economic discomfort as well. This is marginally a double standard action by the Finance Ministry with a majoritarian GST council at its behest.
Yr knowledge is amazing n u discuss in such a lucid way
Amazing and informative content as always. But am I the only one bothered by the fact that at the end the video and audio were not synced 😅
I hope Ganesh will sort out a way to play these videos in regional tv news channels
Our news channels almost always play some garbage news with very less content and horrible background music and visuals
Lovely video. Complex concepts simplified
I am not getting what are the types of GST, as in your video you mentioned about IGST. How is this different from the actual GST?
Also, does the producer state and the consumer state both applies the GST or only one. If both applies the GST then it that case total GST would be 24%.
Can someone clarify me on the above two points.
IGST = Integrated Goods and service tax. It is charged generally when goods or services are sold between two states
IGST is tax portion of Central government and then distributed between states
CGST is Central goods and service tax which is portion of Tax of Central government
SGST = State goods and service tax is tax portion of states.
For example if A seller in Delhi sells goods to buyer of Mumbai and rate of tax is 18%, then IGST is applicable since it is supply of goods between 2 states and IGST rate will be 18%
If Buyer and Seller are both of same state, and tax rate 18% applicable, then CGST =9% and SGST =9% is charged
UTGST = Union territory Goods and service tax is charged when Union terriroty is involved in the transaction. Since Union territory is controlled by central government, UTGST is portion of tax of central government.
If there is supply between seller and buyer of Union territory and tax rate 18% applicable, then CGST =9% and UTGST =9% applicable.
Infrastructure requirements and costs involved to upload 25 returns annually not included. A small businessman finds it a costly and cumbursome process. Many small shopkeepers have shut down at they don't know these technicals
And now each invoice is valid only after it is uploaded.
the BJPee govt doesnt think through at all before pushing through something
Excellent please elaborate more on the manufacturer vs consumer state
Please rework your video again. Sellers charge gst on total amount that includes previous gst also. This is normal practice in mumbai.
I read so many articles on the internet and couldn't understand anything . Thanks for the video sir.
14:28
That's deceptive!! Please reconsider,
1️⃣You can indisputably check whether ur supplier paid the GST or not,just login GSTN account >Return > Return period of ur invoice that u want u check > GSTR 2A return
That's it ,u can check the return filed by vendor
Incase to avail ITC check through GSTR 2B , u can avail all the credits of supplies that vendor has filed!
2️⃣U can also rectify the return that has been filed for the month during such omission or off beam particulars are perceived by admitting pertinent particulars in Amendment Tables contained in GSTR 1 before the due date for furnishing of return for the month of September or 2nd quarter as the case may be!
Hey think school thanks for Gst video as I will refer this and study material for my research project ❤️😀
Can you please suggest me the books to learn about finance and accounting
I don't have money in my account or Pocket to pay money in advance and waiting for money when it will come????
18% paying on Ine Lacks but actual amount when it will be received???
The content is relevant at the moment. mic quality little faded and older video content is merged with new video.. something is going on with thinkschool tech team!!!
One serious note : i think indian govt doesn't want that their youth should focus on online gaming rather than studying & physical gaming Cause as we know only fews will get heavy amount through gaming industry and maximum youths will be diverting by trying to be like them ig mortal dynamo scout Jonathan So as my personal experience while i was playing Bgmi i totally lost control on my own cause i ignored my studies friends especially knowledge gain & didn't concentrated on real works that'll put money in my wallet & beleive me it's happening in maximum. Ik internet is improving us like heaven but don't forget it's dark side
❤️❤️🙏thnk you so much for these contents