GST simply stands for Good and Services Tax. India is a country that for so many years has had various taxes, levies and duties regimes from both central and state governments which have had a free reign. For Missprint customers, this means various taxes are calculated at different levels and at every stage in the production process from manufacturing to service delivery segments of the economy across all industrial verticals. For instance, central excise duty, service tax, additional custom duty, surcharge, state value added tax, central excise duty, commercial tax, value added tax (VAT), food tax, central sales tax (CST), octroi, advertisement tax, entertainment tax, entry tax, purchase tax and luxury tax among the long list of levies, duties and taxes that have been running in both the central and state government level.
In most cases, this has been carried successfully yet it has led to an overload of too many taxes, levies and duties at every perceived stage which lead to pesky issues like double taxation or unwarranted and unfair tax regimes to reign in the country and economy. It also unwittingly has blossomed into a parallel economy (black market), oftentimes results in tax evasion, under declaration of sources of income and a fully-fledged thriving black money (money laundering). GST as a single taxation point comes to resolve all tax related issues as single deduction source across all central government institutions and state government managed bodies. With the official roll out of Goods and Services Tax in India only a couple of hours away, there are and have been mixed reactions ever since the government’s announcement of the central government tax becoming law all over India at the stroke of midnight 1st July 2017.
However, with the passing of the GST Bill into a full commercial law in the Indian constitution amendment 101, Act 2016, a new era opens for both the Indian manufacturer and consumer. For Missprint, there is no doubt that some apprehensions have some valid points / arguments yet better still going forward as judged by history when change and destiny beckon there is always fear, uncertainty and upheaval of the impending change. But when the eventual sands of time settle a new realization dawns of to declare the better way to make decisions of both national and personal importance. So what is the best convincing voice, choice or option visa avis GST?
Why GST Matters to Missprint Consumers in the Long Term Process.
Missprint aims educating at sharing the new tax laws rights and truths with diligent and attentive customers to make our transactions valid and honest. As a first rule, our product prices remain the same and competitive. According to GST rules, rates are fixed at 5%, 12%, 18% and 28 % of goods and services. Our rates retain the same level as we committed to serving customers first. Other significant benefits and pluses of GST are;
-Single point tax deduction source simplifies tax related payment issues and worries
-No excessive tax quotations as the quoted rates are managed by the central government / state governments.
-Brings more people into tax bracket as taxes become more are indirect on purchasing goods and services.
-Reduces pain of double taxation and other cumulative effects of state government levies / duties.
-Makes transparent and more effective the tax paying regime rules and regulations.
-Better and faster services delivery for tax payers as well as compliance.
-Manifest competitiveness and make India one unified tax structure and check leakages.
-Missprint assures its customers to keep same prices regardless of cost variations due to GST.
-As a welcome step to transparency, Missprint welcomes GST for its promise to remove several layers of tax pilferage and loss.
-As indo western dresses manufacturers and wholesaler of designer hand work kurtis, we support government initiatives of make in India that promise to boost India’s image and expand and strengthen its manufacturing for self-sufficiency
-Our brands and various products prices remain unchanged as a token of appreciation to our esteemed customers. Our promise is product prices remain the same 24/7, 365 days as we appreciate and value customer loyalty and patronage.
Missprint stands firm with other patriotic Indians in welcoming GST law in India with a positive outlook on the future growth possibilities.