Goods and Services Tax (GST) – The Biggest Tax Reform post Independence is finally rolled out.
So what is GST? What changes does it bring? What are its implications on your Campaigns?
Are these questions going up in your mind?
Well here are all things you need to know and understand about GST.
What is GST?
Goods and Services Tax or simply GST is an Indirect tax applicable throughout India which replaced multiple taxes levied by the Central and State governments.
GST has now replaced the VAT/CST which was being charged to your buyers earlier.
How GST can Impact Campaigners on My Dream Store?
Previously VAT/CST of 5% was levied on all our products like Unisex Tees, Unisex Hoodies, Full Sleeve, Polos, Mobile Cases, Tank Tops, Tote Bags, Posters, Coffee Mugs etc.
Now under the GST, Each product categories will attract different tax rates unlike the flat tax system of VAT/CST. Below is the list of revised tax rates applicable as per GST.
|Apparel less than Rs.1000 (Markup price ~ Rs. 951)||5%|
|Apparel more than Rs.1000 (Markup price ~ Rs. 952)||12%|
When will the New Taxation Changes be applicable in My Dream Store?
From 27th July, 2017, All your New and Relaunched Campaigns will follow new tax rates as per the GST regime.
What will happen to my Old Campaigns?
Don’t worry! During Relaunch of your Old Campaigns, Selling Price will be automatically adjusted by the system as per the new taxation rates.
What will happen to New Campaigns?
For New Campaigns, While entering Markup price on Design Studio, System will automatically calculate its Selling Price based on GST rates.
I have query related to GST changes. Whom should I reach out?
You can reach to – firstname.lastname@example.org. We will be delighted to answer your query and help you out as well.