Business India

Delhi foam traders says, GST Degrades 10% cost of the goods

Delhi foam traders says, GST Degrades 10% cost of the goods
Written by Abhishek Lohia

Delhi foam traders association member Mahender Malik says Goods and service tax degrades 10% costs of the goods. Mahender Malik who is an active member of Delhi Trade union association and Delhi Foam trade union association says,”for the betterment of the country, GST is the only solution which is helping not only the medium level businesses but also helpful for large level organisations and shopkeepers”. The GST journey began in the year 2020 when a committee was set up to plan GST law in Rajya Sabha. In 2017, the GST bill passed into Lok Sabha and Rajya Sabha and on 1st July law came into force in India; it was a revolution in the Indian market which took 17 years to evolve.

GST is an Indirect tax which has replaced many Indirect Taxes in India. It was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. With the help of an example, you can understand the actual concept of GST. Let us assume that a merchant in Delhi had sold the goods to a merchant in Uttar Pradesh worth Rs. 50,000. The GST rate is 18% comprised of the only IGST. In such case, the dealer has to charge Rs. 9,000 as IGST, which will go to the Central Government. So total 9% CGST(will be collected by Central Government), and 9% IGST (will be collected by the state government and the Central government will collect rest % as an Inter-state sale charge.

 

About the author

Abhishek Lohia

Abhishek Lohia is an Sports and Political Writer at Newsfolo. He has been working as a Journalist for 2 years and has previously worked at Sportsflu, Times Internet. He covers the ruling BJP Government, civic bodies and politics in India and also covers latest Sports News .He is a graduate in Electrical Engineering from Inderprastha Engineering College, Ghaziabad and went on to study Journalism at Indian Institute of Mass Communication, Delhi. He can be reached at: [email protected], you can also follow him on twitter @chiraglohia2

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