Shoppers reaped the benefits of Big Bazaar's 'GST Muharat bonanza, offering up to 22 percent savings and cashback offers, in lieu of the rollout of the much-awaited Goods and Services Tax (GST).
Customers thronged to the retail chain's outlets across the country, including Mumbai and Delhi, to avail the benefits of the exclusive GST discount spree.
A shopper, Pramod, who hailed the offer to be a very beneficial one said the discounts provided by the retail chain have given shoppers a chance to save on provisions and other commodities.
Another shopper, Afreen, told ANI that although the GST may not be entirely beneficial to common man, the offer has eased the pressure on shoppers.
Two days ago, through their official twitter account, Big Bazaar announced their 'GST Muhurat shopping' scheme, whereby customers could avail cashback of Rs. 300 on every Rs. 1,000 spent. Additionally, the company also advertised a cut in the prices of various commodities, thus enabling shoppers to save more.
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The offer was announced by Future Group Founder Kishore Biyani, who said the 'once in a lifetime event should be celebrated'.
The company, who had also partnered with Ola Cabs, offered a discount of Rs. 50 on all journeys booked between 11 p.m. and 3 a.m. on June 30/July 1, 2017, in lieu of the launch of India's biggest taxation regime.
In a historic moment for the Indian economy, the much-awaited Goods and Services Tax (GST) was rolled out in a special midnight session of the Parliament, in the presence of President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan and Union Finance Minister Arun Jaitley, among other dignitaries.
Ending more than 11 years of hectic argument among the Centre and the states, the GST will implement from July 1 to completely transform the indirect taxation landscape in the country involving both the Central and State levies.
The biggest tax reform since independence - GST - will pave the way for realisation of the goal of One Nation - One Tax - One Market.
It will benefit all the stakeholders namely industry, government and consumer as it will lower the cost of goods and services give a boost to the economy and make the products and services globally competitive, giving a major boost to 'Make in India' initiative.
Under the GST regime, exports will be zero-rated in entirety unlike the present system where refund of some of the taxes does not take place due to fragmented nature of indirect taxes between the Centre and the States.
However, GST will make India a common market with common tax rates and procedures and remove economic barriers.
GST is largely technology driven and will reduce the human interface to a great extent. GST is expected to improve ease of doing business in India.
In majority of supplies of goods, the tax incidence approved by the GST Council is much lower than the present combined indirect tax rates levied [on account of central excise duty rates / embedded central excise duty rates / service tax post-clearance embedding, VAT rates or weighted average VAT rates, cascading of VAT over excise duty and tax incidence on account of CST, Octroi, Entry Tax, etc.] by the Centre and State(s).
The GST Council has decided the final structure of GST as follows:
• The threshold limit for exemption from levy of GST is Rs. 20 lakh for the States except for the Special Category, where it is Rs 10 Lakh.
• A four slab tax rate structure of 5 percent, 12 percent, 18 percent and 28 percent has been adopted for GST.
• A cess would be levied on certain goods such as luxury cars, aerated drinks, and pan masala and tobacco products, over and above the GST rate of 28 percent for payment of compensation to the states.
• The threshold for availing the Composition scheme is Rs. 75 lakhexcept for special category States where it is Rs. 50 lakh and they are required to file quarterly returns only. Certain categories of manufacturers, service providers (except restaurants) are out of the Composition Scheme.
Other important Features of GST are:-
• GST envisages all transactions and processes to be done only through electronic mode, to achieve non-intrusive administration. This will minimise tax payer's physical interaction with the tax officials.
• GST provides for the facility of auto-populated monthly returns and annual return.
• It also facilitates the taxpayers by prescribing grant of refund within 60 days, and provisional release of 90 percent refund to exporters within 7 days.
Further facilitation measures include interest payment if refund is not sanctioned in time, and refund to be directly credited to bank accounts.
• Comprehensive transitional provisions for ensuring smooth transition of existing taxpayers to GST regime, credit for available stocks, etc.
• Other provisions include system of GST Compliance Rating, etc.
• Anti-profiteering provisions for protection of consumer rights.
Disclaimer: No Business Standard Journalist was involved in creation of this content
