How GST has CHANGED/ MESSED UP the Indian Economy?: Indian Business Casestudy (Corrected Video)

➡️Communication Masterclass:

VIDEO INTRODUCTION:

On 1st July 2017, the government of India made the grand announcement of the Goods and service tax or GST. and as soon as this announcement was made, the largest democracy in the world went through a major economic overhaul!! and as usual, just like any major policy, while one side, there was a segment of media that glorified the move, on the other side we had people portraying it as a disaster in the making!! While one side GST was a subject of celebration on the other side it was a subject of protest!!! so now that its been 5 years since its implementation and with elections coming up VERY soon, if you want to be a well informed citizen now would be a good time to understand the impact of GST in your life and my life!! So in this economic case study, let's go deep and try to understand,
Why exactly was GST implemented?
How did it affect the economy of India in both good and bad ways?
and most importantly, as students of business, what are the study materials and factors that will help you understand this revolutionary economic policy of India!

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#gst #indianeconomy #gstr9filing
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#KukuFMDiwali #KukuFMDiwaliSale #YeDiwaliKamyabiwali #TarakkiParHaiSabkaHaq #Diwalisale #Diwalioffer Credits: CNN-News 18, WION, NBC News, Money control pro, Business standard, TV18,Business Today, ABC news, CNBC, ET now ,Bloomberg originals, Financial Times, DW documentary, AL Jazeera English, BBC news, Firstpost. Fair use - This video is for educational purposes only. All materials used in this video, including images, audio, and video clips, are the property of their respective owners and are used here under the doctrine of fair use. This video is intended to provide commentary, criticism, research, and education on the subject matter. We believe this constitutes a fair use of any such copyrighted material as provided for in Section 107 of the US Copyright Law.

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[adityaagarwal]

I sincerely appreciate the fact that you uploaded the whole video again, just because of 1 calculation mistake. This tells your commitment to spread no fake thing in the society, unlike some who at first do not acknowledge the mistakes, even if they do, they don't change them. Hats off

[rayhaanameen]

For those who are wondering why they posted the same video again is because there was a calculation mistake in the first video so they repost the video as corrected calculation video.

[harshkhakhi]

As a Chartered Accountant catering to businesses across various industries, I can say that this is really good content on GST for a layman. As far as GST is concerned, it is no where close to the vision and benefits with which it was implemented. It is so many complications, which a common businessman is bound to not understand or follow, knowingly or unknowingly.

[Kr-shnA]

1. you can amend the invoice details & revise taxes.
2. you can check whether your supplier has paid taxes before you avail ITC by searching your suppliers GSTN in GST portal and then clicking on show filing table option. there you can see whether GSTR-3B has been filed (payment of taxes)

[hoola_amigos]

Excellent content. Lot of work needed to improve GST. GST is excellent concept no doubt.

[ThinkSchool]

Hey everyone.
As promised here is the corrected GST video with proper calculations of the old Tax system.

Sorry for the error :)

[prajnayjaiswal]

I am a CA Final student and this video was very well explained!
A few clarifications for audiences regarding loss to manufacturing states:
GST compensation cess is charged on products like Tobacco, cigarettes, etc by which the government compensates to the loss making states by taking the VAT revenue of all the states for FY 16-17 (having incremental factor @14% p.a) as the base and comparing it with the annual GST revenue for a period of 5 years.

[disciplinetrade]

IMP of Video
1:00, 1st July 2017 GST interduce
2:59, Cascading Effect of the Tax explanation
4:49, Benefit of GST 1. Don't pay Tax on the Tax 2. Cost of product down 3. Input Tax help business to paid low tax 4. Free movement of goods for inter-State trade 5. Curbing of Black Income Generations
6:55, Truck spend 16% of the Time at Check-Post of documentation when passing Inter-State
9:15, Tax authorities have detected GST evasion of 40000cr in over a year because of fake invoices
10:08 Disadvantage 1. Tax increases of Some Industry like Gaming Industry 2. Problem with Consumer State and Manufacture state 3. Problem with Penalty Payment 4. No system of revise your filing

[nir]

We have a small business where we procure goods from different states, so we can't opt for composite gst, our monthly income varies from 10k-20k per month so maintaining a regular GST has become a headache. Also a lawyer maintains our filings so our profit has gone down drastically. GST is hurting small businesses.

[cashreevathsaks]

With so many youtubers and content creators talking without verifying their claims, here is this guy who is updating a second video on the same concept because he had given some wrong calculations in his content. Shout out to this guy. Applaud👏👏

[askaranchoudhary]

Weren't we already covered this topic before?? Or am i time travelling !!😂😂

[satishramdasi]

In India government is becoming rich day by day but common man is pushed below poverty line. For common man it's difficult to get square meal.

[soumyanilroy]

This guy teach economics better than my school teacher
👏
🙏🙏🙏

[raghavendrakalmadi]

I reckon GST is enabling the transition of businesses from unorganised sector to organised sector. This will help in two ways; improve tax collection (which is going up month on month) thereby giving revenue for the govt to spend on priority sectors and welfare schemes and second in reducing black money. I believe GST is definitely a game changer for India and it’s benefits will become visible in the coming years.

[Sanatani_Sherni]

*PM Modi has turned his attention towards industry reforms with demonetisation, GST, and the Insolvency and Bankruptcy Code (IBC). These were undertaken to reform corporate India and rid the country of crony capitalism. These reforms have drawn criticism from many, perhaps forgetting that demonetisation has broken the back of the black money class. The use of black money has reduced considerably. Long-term habits to deal in black money have been mostly converted into the default use of digital banking systems.*

_GST has been an outstanding success towards India’s move to reduce supply chain costs, which today account for 14% of GDP as against 6% in China and 5% in the US. Seventeen taxes were rolled into one, providing a uniform system for the first time in 70 years, and effective indirect taxes have reduced. In its first month, the system onboarded 56 lakh filers. For various reasons, GST has not shown buoyancy, but one can expect to see the effect in the future._

*Infrastructure development has been another significant push of the Modi government. Rural road connectivity, railways development, and construction of high-speed roads, ports and airports have taken off at a fast pace—all vital ingredients to increase India’s productivity and reduce supply chain costs.*

*Make-in-India, at commencement, was not a great success because it was cast in the traditional mould without a focus on the policy changes and incentives required. Subsequently, the Production Linked Incentive (PLI) scheme for large scale electronics proved successful—mobile manufacturing has risen multifold, making India an exporter. Merging PLI-like strategies with the Atmanirbhar Bharat Abhiyan push could make Make-in-India a success.*

*PM Modi’s next focus was health. Ayushman Bharat was launched to provide health insurance cover to the millions of uninsured in India; 12.6 crore e-cards have been issued, and 1.2 crore hospital admissions were managed through this scheme. The next frontier in health is the Bharat Health Stack, built on the India Stack architecture, which will further improve access and management of healthcare in India.*

*Other reforms that have the potential for sizeable economic impact have been in simplifying labour laws, incentivising and reclassifying MSMEs, especially with the guaranteed loan programmes, reduction in corporate tax rates, and deregulating the farm sector, which will empower farmers to double their income by 2022.*

The emphasis on employment needs better policies and focus, but it will certainly improve when the effects from these other reforms bear fruit.

During the Covid-19 pandemic and national lockdowns, PM Modi’s focus was on ensuring the lives and livelihoods of the bottom-of-the-pyramid. All the reforms and digital advancements made earlier are proving extremely useful in these difficult times. Rations and minimum income support were extended to 80 crore Indians, which wouldn’t have been possible without Digital India and India Stack. PM Modi’s housing programme has also been an outstanding success in bringing dignity to crores of Indians with pucca housing; 1.1 crore houses have been built, targeting a total of 2.95 crores by 2022. The return of migrants during the Covid-lockdown has accelerated this programme and enabled them to build a life in their hometowns. With this acceleration, the timeline to build a house has reduced from 120 days to a 45-60 day horizon.

*_At this rate, by 2022, all Indians will have access to basic necessities—housing, clean water, gas connections, bank accounts, internet and mobile connectivity, road access, and education—especially with the implementation of the National Education Policy 2020. For a population of 138 crore, these are remarkable achievements. PM Modi had a clear strategy to reach this point, unambiguous aspirations and a structured sequence of reforms and policies._*

Previous political regimes launched schemes like Garibi Hatao, which were unsuccessful because they focused more on politics and less on execution. PM Modi has inverted this paradigm, and personally monitors and reviews progress on the programmes. He leverages technology platforms wherever possible to ensure the programmes are executed as soon as possible. He sets clear priorities for himself and his government. He has not fallen victim to unnecessary politics. His foreign policy moves have made the Middle East friends of India, and the entire world looks more favourably on the country now. Standing up to hegemonic China, too, has improved our standing in the world.

*No prime minister has done as much for India’s development as PM Modi has in his EIGHT years.*

[ZenGTMM]

Really appreciate videos like these that provides good clarity for non financial people to understand how system works. For example in Malaysia, when GST was introduced, it created so much havoc to businesses and consumer due to lack of knowledge and explanation from the government it led to massive dissatisfaction among the people.

[ramkumarhuge]

During VAT introduction in 2005, manufacturing state face the same problem. After 3 years problem got solved by the same way of GST compensation method. In VAT method manufacturing states charged maximum 2% tax on goods produced on their state. It takes some time to get better result.

Most importantly some service sector making fake GST bill. For example service sector like booking room in offline charges 12% GST. Consumer don't know whether owners paying GST to government or not. Because booking room is business to consumer with no intermediate. So there is no chance for claiming input tax credit🙏🏻

[vaidehi]

To a noob like me who know barely about economics and polity, this video is very meticulously curated. Thankyou for all the info🌻

[saimanikanta]

Correcting your point on real time check on Supplier's tax payment: We can check if our supplier has paid our GST or not through GSTR-2A/2B in GST portal