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

Toh Banayein ye Diwali Kamyabi wali 🪔 with KukuFM - kukufm.sng.link/Apksi/rdb7/sv50 (Buy annual subscription now & get a chance to win a car, goldcoins & 10L worth of gifts along with 50% off on yearly subscription i.e. Rs 199 only) Coupon code - DIWALI50 ⚠️Limited period offer ⏳till 25th October only. T&C applied and not applicable for residents of TN and Pondicherry users ➡️Communication Masterclass: www.thethinkschool.com/s/store/courses/description/Communication-Masterclass

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.

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

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.

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

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)

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

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.

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.

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

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👏👏

We pay 18% GST for health insurance. This is seriously crazy.

*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.*

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.

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

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🙏🏻

Another problem which needs to be resolved is the issue of inverted GST on certain export industry... Thank you for making yet again fantastic video🌹🙏

I guess these lessons were taught in the other episodes also, I suggest and request to make more sessions on the manufacturing business, defence, growing renewable energy and other finance explanation

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

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

GST is not a revolutionary "Indian idea". It is Globally practiced. Implementation of GST was need of the hour for India to stay competitive. GST is great when compared to older tax system despite few implementation failures.

i still think gst is best with minor adjestment especially for interstate

BTW - great presentation skills. Really loved the slides. You are a master story teller - sir.

I agree on the last comment, yes taxation some industries are crazy, that needs to revised and corrective steps to be taken ..

Very informative & in depth research can be seen on GST. A big thumbs up!! 👍💯

I wish ministry of finance can read all these comments along with this video so that they can know honest problems and honest benefits . Thank you for making this video, again i would say, you are GEM !!!!!

Really a very valuable presentation. Nice job!👌

Waiting on this Case study by think school !! absolutely perfect study

Like how GST is revising, this video also gets to revise 😉

Why the government does not improve the negative points?? If it removes these weakness then it will be a very good policy.

Wow good study .. iam from textail industry its killing us

Ganesh sir , I want you to make a video on “ government elections “ ie how election takes place ?, how a representative stood up for the election ?,”gathbandhan”, different designations and all other related terms nd functions , and also the term widely used in indian movies “corporator”(in hathyar movie) , Thank you

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.

Always learn something from ur video... love the content and your communication skill 🙂🙂

GST is implemented on 1st July 2017 GST - " One Nation One Tax " Single Tax system in country and GST council head by Financial minister and state finance minister as members and They are There types of GST ( Central GST & State GST & Intra state GST ) and GST slab of 5% 10% 15 % 28 % rates on the product and some states are suffered manufacturing ( Producer state) suffer lot like Tamilnadu state 2nd largest economy in india and GST reduction of cascading effects monitoring the tax evasion & Disadvantage of Gaming 🎮 Industry and some business get loss with tax on tax for some industries and Think school 🏫 explore GST tax benefit and loss to people 👍 way of presentation 👌 Research analysis by Ganesh anna semma super

A good Critical Analysis of GST. Love from a Public Policy Scholar.

In July 2017, Gst was levied on Ocean freight @5% and on Air freight @18%. We don't know what's d logic of different rates. Deptt withdrew it on 26th December, 2017, which is again levied from 1st October, 2022. Another issue now is it should be treated as IGST, which is basically applicable on interstate customer

When congress wanted to bring the gst, gujarat objected heavily as it would had costed loss for rs 34000 crore every year for them. But after bjp govt in centre came there were no objections made

You should criticize Demonitization not GST. It was the Blunder of Modi due to which economy slow down

Hi Think School! Loved the video! Would you look into making a video about BRICS making its own reserve currency and how Saudi expressing interest to join BRICS and BRICS countries buying a lot of gold in recent months to build a gold backed BRICS currency could all point to the fall of the US Dollar!

All you said are right bro but the problem is that the cost of basic necessity goods are still increasing even if gst has been working for 5 years

GST has both upside and DOWNSIDE. The biggest is 28% tax bracket. Also for many cases in manufacturing the output gst is higher than input gst hence extra tax has to be paid. There're also cases where we can't claim gst input as well.

The title is not suitable for the content of the video

Amazing content. Very insightful, keep doing the great work guys

It takes will to correct something and renew it. Respect bhaiya

I think I have already watched this video before. did you??

Understanding Women Mind and Indian GST both are Head-ache to any men

Thanks for showering so much knowledge upon us 🙏🏻

i am so proud to be a part of this school. And i wish i can be as creative as ganesh bhaiya. Thanks for everything really aprreciate your ideas, and where can i access your communication course.

One que: Why does local shops DO NOT give bills for whatever items we buy? or give KACHHA bills if asked?

Hey everyone. As promised here is the corrected GST video with proper calculations of the old Tax system. Sorry for the error :)

Watched the previous one too but this one is like revision.Thank you Sir for bringing such useful contents. If possible Sir i would like you to cover the RESERVATION content please.

Always feels like I should start the video with a bunch of Pen notebook and a marker. Great work guys

Sir can you take a live product from each sector where gst varries for each catagory ,and then compare with the prize Before the gst introduced ,i think then we can decide based on the difference gst is good or not to the country and it's people can you make a vedio on it

Very informative 👍

The thing is that though on paper GST might seem revolutionary, but in real life when you as a consumer go to buy day to day stuffs or other services or goods, what one commonly hears from retailers or wholesalers is that prices are high because of GST. I have failed to understand how benefits of GST have percolated to common masses.

i like the sound it gives me goosebumps.sometimes it is also revolutionary our mind.i think content is best.i love to all videos.and Ganesh sir I m proud of you bcz u are civil Engineer.I m also Civil engineer.today every sector there are 3 kind of engineers shown in market like elecriacal,civil & Mechanical Engineer.sir make video on this field to make Reality of Salary Package Of this Field.How this branches Engineers Survive to low pay in our Country.

There is gst on insurance premium also...2 percent...lic gives approx 5 percent returns but 2 percent tax on premium isn't counted There is many problems.. this didn't decreased tax burden but increased burden

Legends know its reupload

Automotive industry is also one of the industry which is taxed unfairly and there's different slabs as to the length and width of the car, engine capacity and the combination of both eventually winds up in the tax. Plus cess is been added to the final gross amount, which constitutes the ex-showroom price including company profits and showroom charges, transportation charges. If it's a imported car its even worse. Its one of the biggest industries in India unfortunately people end up paying high amount for a car. Yes emi options have made ease of buying but they end up paying a lakh more or so to the bank as interest. The RTO charges are different in different cities, that's another issue.

1) A person who play’s games online for sure he is having a good handset/computer system which shows he is a well to do person hence 28% is applicable here. 2) The credit system applied has done a good job. To avail ITC the seller has to pay GST or else the buyer wont be able to avail the credit. This has taught a discipline to the business industry in terms of tax. Payment of taxes should be on time or else it will be difficult for the govt to track businesses as well as their monthly trades wont settle. 3) But I agree on the point that GST is a consumer orientated tax and not a produced and which should be vise versa and also govt should introduce an option to revise returns same as done in incometax returns. It’s the need of the time

Looks like a reupload. @Think School. i remember watching this videos already, even the dialgogues sound familiar

all Punjabis are Ameer... as Paratha is a luxury item🙃

During covid 2nd wave, concentrators were in huge demand as it was a life saving equipment. Even in that period GST is included for concentrators.

I read so many articles on the internet and couldn't understand anything . Thanks for the video sir.

We had to shut down our small shop of gift items, cosmetics and toys after the GST was brought in. Margins plummeted like anything, many other similar shopkeepers had a hard time surviving. Condition is still not as good (if it was good back then) as it was before the implementation of GST. PS: not a fan of Congress!

Use this as a love button for India 🇮🇳❤️let's check how many do we get.

Back in 2014 the cost of manufacturing was kept low at 100Rs but now cost will have increased to 125Rs and final calculations comes back same old values. Earlier Govt benefitted by extra VAT collection now manufacturer is collecting that difference in money by increasing manufacturing cost. Ultimately absolute number matters for consumers and not these calculations. During VAT days the cost of many products were low even after paying higher taxes but now it is bad.

Lovely video. Complex concepts simplified

I think I've seen this exact video a few days back i swear. Is it a re-upload?? 🤔🤨

Much Appreciated for re upload 👏👏

Excellent please elaborate more on the manufacturer vs consumer state

Disaster Only.. Till date they are not able to figure out which item put into which tax slab 😁😁

Re-upload 😀🔥

The price of daily needs of poor people increased because of GST and this led to increase of poverty in India

@think school I think you guys should update the 'Communication Masterclass" by putting research module into it.

middle class shrinks down to lower middle class and bpl

*I'm done sitting tight for the award advance since i acquire$23,000 every 12 days of my investment* 🥺❤️

Demonstrate the economy amazing ... Thanks

Informative and well presented 👍 It would have been even better if u had mentioned another important point, regarding the GST compensation Cess. The govt had promised to the high performing and producing states the compensation for any revenue loss due to the switchover to the GST regime for 5 years (from 2017 till June 30, 2022). We all know how delayed and untimely these compensations were made through these years. Keep in mind the economic situation by 2019 was already at a slump.. let alone the onset of pandemic years. These years the revenue through this indirect taxation on goods and services for the states took a big hit, and it had a direct impact on its revenue, the share in percentage for compensation was also influenced by this impact. Now that the deadline has ended, the compensation to these States has ended (Jun, 2022). Interestingly, the Centre however has not ended it's cess collection, rather extended it upto Mar, 2026. So one hand the States are prevented (stopped) from getting their GST compensation and on the other hand the Centre continues to collect the cess via an extension another 4 years. 🙄 The centre justifies their cause saying we gave the compensation from loans during the pandemic. However this doesn't do justice for extending cess collection by 4 years.. as they would be collecting more revenue than what they gave as loans in the few months as compensation. This is why some states argued on extending their compensation period as well. To put it bluntly, the Centre has used the pandemic as a reason to extend its Cess collection by 4 years while denying the same luxury to the States on compensation who had been through an atmosphere of economic discomfort as well. This is marginally a double standard action by the Finance Ministry with a majoritarian GST council at its behest.

Just by reducing tax rates the negatives can be easily resolved.

1. Another problem is the delay in payment from federal govt to states

Yo Ganesha.. thanks for clarifying my doubts about GST..

I was waiting for your video!

Hey think school thanks for Gst video as I will refer this and study material for my research project ❤️😀

Can you make a video on how the formula for GDP calculation formula was changed and what is the GDP as per old formula. Is it actually what the govt is claiming to be?

Waiting for your deep insights on recent GHI report 👍

I'm skilled and experienced, I'm 27 years old and unemployed with only Rs. 50 in my account. I see so much potential with our human resources but either gov gave squandered all potentials. A tragedy.

Yr knowledge is amazing n u discuss in such a lucid way

Nice content as always. A minor correction: it's not the IGST 42% which is to be disbursed to the producer state. 42% (actually 41+1 %) of the total tax revenue which is to be distributed among all the states.

Thankyou for the detailed information on GST.

Amazing tough contents serves in simple way such a valuable content

Thankyou so much for this. It was really helpful

GST is a practical concept to modernize the Indian economy. Nothing can be 100% perfect when implemented and BJP Modi govt has firstly overcome the biggest challenge of implementing a GST system in India. The next is to improvise it without much delays and losses to the economy. I am sure if the country goes in the same direction for the next 25 yrs. then at least my grandchildren can say India is a developed country rather than a developing country.

I am only 3 min in the video right now, but why am I getting this sense of deja vu?? Is this video perhaps a re upload?

please enlighten us if the producer states get the 50% and the 42%of center's portion provided to the collecting state, would it have been better?

Considering the past experience the manufacturing states should be given a fixed percentage of GST , the states importing or exporting can share the GST with the centre

As media and blogers explaining gst that not seems to feel in real life even essential food increased to doubled amount

Ya and VAT, Octroi and Excise was taking us to new heights.

I didn't read the title(Corrected Video) and feeling nostalgic XD.