Arjuna (Fictional Character): Krishna, 15th August is the Independence Day of India. Freedom fighter fought in 1947 for Independence of the country. From last month GST has been applicable. So, on the occasion of this Independence Day what information about GST would you give?
Krishna (Fictional Character): Arjuna, India is entering into 71st year of Independence. From this year India is moving towards Financial Freedom. As the GST Act has been applicable, transactions are becoming more coordinated. Because of this collection of tax is increased. So, today we will take the information about independence of taxpayers.
Arjuna: Krishna, due to GST, from which taxes the taxpayer has got relief?
Krishna: Arjuna, In GST total 17 central and state taxes are subsumed. So, taxpayer has got relief from different taxes like sales tax, value added tax, purchase tax, service tax, CVD, SAD, central surcharge and cess, etc. Now we are forwarding towards simple and easy GST. i.e. One Nation One Tax
Arjuna: Krishna, for whom there is freedom in GST?
Krishna: Arjuna, If any person is registered under GST and he has complied with the provisions of GST then only he can feel business freedom. But if the person is unregistered under GST, then to the provisions of Input Tax Credit, RCM, etc his business freedom is at risk.
Arjuna: Krishna, is there any freedom for small taxpayers?
Krishna: Arjuna, Yes, small taxpayers means annual turnover of whom is less than Rs. 20 Lakh then they have freedom in Registration. It means annual turnover of any person is less than Rs. 20 Lakh then registration is not compulsory for him and he can take voluntary registration. It means there is no restriction of registration on that person.
Arjuna: Krishna, which freedom the medium tax payers have?
Krishna: Arjuna, medium taxpayers means the annual turnover of whom is less than Rs. 75 Lakh. They also have some freedom. If the annual turnover of any person is less than Rs. 75 Lakh, then he has the freedom to take normal registration or registration under composition scheme.
Arjuna: Krishna, what lesson the taxpayer should take from this?
Krishna: Arjuna, Because of GST, we will get financial freedom. If every person complied with the provisions of GST, then only get the power of financial freedom. The black money of market will come out. Transparency in the transactions will increase. Taxpayer should file return in Form 3B and pay the amount of tax on or before 20th day of August and celebrate the 71st independence year. Because of this new pledge have taken birth, "India is my country. All Indians are my brothers and sisters and to pay the tax of unregistered brother is my duty"