What is GST Impact on the Ultimate Consumers

Posted on 10 June 2022 Category : GST terms

Meaning of GST Impact on the Ultimate Consumers

The details about GST Impact on the Ultimate Consumers are explained here.

GST Impact on the Ultimate Consumers:

GST is a game changer for the government as well as for customers.

Reduction in price: Generally, the purchase price would reduce as tax content of most products would come down. But if a product has hitherto not been subjected to tax completely then the price would increase. Further those items which are now taxable where tax rate earlier was zero may be more expensive as exemption and zero rated lists of items may come down in the GST regime.
Transparency: The tax paid would be clearly mentioned in the invoice given to the customer.
Options to customer: There would be free trade and commerce between States and throughout the country which would provide more options to the consumer.

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Inspection of goods in movement, Sec 68 of CGST Act, 2017

Section 67 of CGST Act, 2017 Power of inspection, search and seizure

Section 20 of IGST Act,2017 Application of provisions

Tax wrongfully collected and paid to Central Government or State Government, IGST Act,2017

Zero rated supply, section 16 of IGST Act,2017

section 14 of IGST Act,2017, Special provision for payment of tax by a supplier

Section 59 of CGST Act, 2017 Self-assessment

Consumer Welfare Fund, Section 57 of CGST Act, 2017

Refund of tax, Sec 54 of CGST Act, 2017

Transfer of input tax credit, Section 53 of CGST Act, 2017