Online shopping after GST - How good will it be?
Posted on: 28/Jun/2017 9:49:20 AM
It seems that there are prospects of the prices of items bought online will be likely to go up. The implementation of GST is considered to be a historic event as this will be the 1st time in the history of the country such a major change in taxation is being carried out.
GST is set to be implemented throughout the country from 1st July. Because of this, all the major online traders have come up with some fabulous discount offers from 25% to 90%.
Economic experts are also of the opinion the prices of items are likely to go up after GST.
The online traders do not charge any taxes so far. However, a GST slab of 1% has been fixed for items bought online.
The implementations of this are currently postponed. Still, there is no change in the expectation that prices will only go up after GST.
On another aspect, after implementation of GST, the items bought online will reach the home of the buyer faster - especially, as the taxes will not vary from state to state. There is no need for the sellers to apply separately for state taxes.
Take an example If a person living in Chennai orders an item online from a Bangalore online trader, both the states need not have to apply for 2 separate taxing systems in 2 states as GST s same throughout the country. So, time will be saved and the delivery of ordered items will be delivered quicker.
At the same time, the online traders may hesitate from now on making out mega discount offers as this would be taxed under GST.
The leading online traders like Amazon and E-bay use only foreign currencies during the purchase transactions. So far, there has been no explanation on the GST format for these transactions.
