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GST in tour and tourism

CA. H.M. Talha Rahman, Partner, Selvarajan & Co., Chartered Accountants, Chennai, talks about what GST might mean for the country’s financial system even as giving correct and deep know-how approximately the computation worried for the tour industry.

“There is a large hue and cry approximately GST, and people are speculating lots about this. What we fail to apprehend is that it is an aggregate of most of the indirect taxes in a new form, which brings the concept ONE NATION ONE TAX.”

CONSUMPTION TAX:

The GST was carried out successfully with the aid of few nations many years in the past. I considered having waited in a queue in Singapore Airport for a refund of GST 15 years ago. At that point, Indians used to store loads in Singapore, which became popular for tape recorders, VCRs, perfumes, and different fancy stuff. When we buy them in Singapore, the fee of the item comes with an issue referred to as the GST, which needed to be paid using the local citizens as a final patron. But a foreign national could claim the refund of GST paid by showing the bill and items at the time of departure from u. S… Hence It is referred to as a consumption tax

NO CASCADING EFFECT:

To put it truly, the “Cascading Tax Effect” way tax on tax. In other phrases, a tax (VAT) is paid on any other tax (Excise Duty), which has cascading tax impact. Previously while a producer sells his product, he provides Excise Duty together with his selling price and sends the products to the distributor. When the distributor sells the equal items to the stop person, he provides his profit margin and prices VAT on the added charges, which incorporate Excise Duty. Within the GST generation, in this example, both Excise Duty and VAT are clubbed as GST. The GST charged via the producer to the distributor may be adjusted as ITC (Input Tax Credit), a consequence of avoiding tax.

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