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The transition from General Sales Tax (GST) to Reformed General Sales Tax (RGST) has become an intricate and controversial topic for no particular reason. Let me start the discussion by acknowledging that RGST is not a new tax as generally perceived, rather it is the old GST which when fully implemented would be a sufficiently broadened and extended version of the existing GST.
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What is the difference between MNC and MNE?
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What is rgst?
Reformed General Sales tax (RGST)RGST stands for 'Reformed Goods & Services Tax'. It is an improved version of GST which stood for 'General Sales Tax'.The primary difference is that whereas GST was applied only to the goods at the final point of sale, RGST would also be applicable on services. This means if we go to see a doctor, he would also apply 15% tax at the end when billiing for his fee. Similarly lawyers, engineers and other professionals would also apply a 15% tax on their services/consultation.The second difference is that RGST waives off exemptions from certain goods which had hitherto been given in the GST regime. For instance computer hardware industry uptil 2 years before had been exempt from GST but was included in GST in 2008. Similarly sports goods, textiles and leather goods etc which were hitherto exempted from GST would now be subjected to 15% taxation.However, exemptions earlier available for philanthropic, charitable, educational, health or scientific research purposes or under international commitments /agreements including grants-in-aid will also continue.Thirdly there has been a rationalization of tax rates. Some products were being charged higher rates (e.g. 19.5% on telecom calls), and some lower than usual (e.g. 8% on sugar). Now all would be brought to 15% standard rate. This means while telecom services would get cheaper, but sugar would be dearer.
What are the advantages and disadvantages of RGST?
Advantages of RGST§ The imposition of RGST was not the demand of International Monetary Fund (IMF), but it was the need of the country, and added that subsidy on electricity, wheat flour and other items had been withdrawn.§ Expansion in tax net was indispensable to bolster the economy and run other financial affairs of the country.§ A sum of Rs160 billion was required to rehabilitate the flood victims and if RGST was not imposed then how could this amount be raised?Disadvantages of RGST§ Reforms General Sales Tax (RGST) is aimed at economic self-reliance to a journey towards welfare society. GST is already imposed on around 5,000 items ranging between 17-25 percent and in reformed shape this rate would be universalized at 15 percent.§ RGST would boost inflation to the disadvantage of common man. The prices of only around 400 out of around 5,000 items might see upward trends while in the case of rest they would come down.§ No tax was being imposed on essential daily use food items which nullify the claim that common man would be burdened in the changed scenario.§ Documentation of economy was a key to progress and prosperity of country and RGST was a step forward in this direction.
What in the time difference between Dubai and Armenia?
There is never a time difference between Dubai and Armenia. 4 PM GST = 4 PM AMT
GST Related Tags?
GST registration process GST registration eligibility GST registration documents GST registration requirements GST portal registration GST registration application GST registration form GST registration fee GST registration number GST registration status GST registration update GST registration amendment GST registration cancellation GST registration renewal GST registration certificate GST registration guidelines GST registration timeline GST registration verification GST registration online GST registration offline GST registration for businesses GST registration for individuals GST registration for exporters GST registration for importers GST registration compliance GST registration penalties GST registration audit GST registration queries GST registration helpline GST registration assistance
What is the time difference between eastern time and Dubai?
AuEST is 6 hrs. ahead of GST. AuEDT is 7 hrs. ahead of GST. GST is 8 hrs. ahead of NAEDT. GST is 9 hrs. ahead of NAEST. Abbreviation: GST = Gulf Standard Time (Dubai Time) My Abbreviations: AuEDT = Australian Eastern Daylight Saving Time AuEST = Australian Eastern Standard Time NAEDT = North American Eastern Daylight Saving Time NAEST = North American Eastern Standard Time
What is the difference between IAS and BAS?
In Australia, Business Activity Statements (BAS) and Instalment Activity Statements (IAS) are forms lodged by businesses to the Australian Tax Office (ATO) to declare tax owing to the ATO. Simply, the difference between BAS and IAS is that IAS does not show payments owing to or by the ATO for general service taxes (GST) because the enterprise submitting the IAS is not registered for GST.
What is the difference between QuickBooks Canada and QuickBooks USA?
The primary difference is how QuickBooks Canadian version handles Canadian Tax laws. GST, PST, Payroll Taxes etc. How Quickbook data from Canadian Version can be transferred into US Version Quickbook
What is the time difference between Dubai AND Niarobi?
Dubai (UTC+4) is always one hour ahead of Nairobi (UTC+3).3 PM EAT (Nairobi) = 4 PM GST (Dubai)
Is GST outlays an asset?
GST outlays is an asset and represents GST paid to out firms for goods and services. this account is offset agaisnt GST collections (liabilities)
What is the time difference between muscat and London?
From the last Sunday of March to the last Sunday of October, Oman is three hours ahead of England. 1 PM BST = 4 PM GST From the last Sunday of October to the last Sunday of March, Oman is four hours ahead of England. Noon GMT = 4 PM GST
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What is the difference in time between uae and France?
From the last Sunday of March to the last Sunday of October, U.A.E. is two hours ahead of France. 2 PM CEST = 4 PM GST From the last Sunday of October to the last Sunday of March, U.A.E. is three hours ahead of France. 1 PM CET = 4 PM GST
