Essay on gst bill

The main idea behind introducing GST is to improve the economy of the nation. What is GST bill and how it impacts on common man. Indirect Tax system is highly complicated in India because there are various types of taxes that are charged by the Central and State Governments on Goods and Services.

Essay on GST in 2words. GST is a comprehensive tax levy on manufacturing, sale and consumption of goods and services at a national level. As we can say this from the name.

So ingredients are Goods Tax and Service Tax. Good and Services Tax ( GST ) is an indirect tax applicable though-out India which replaced multiple cascading taxes levied by central and state government. GST would replace respective taxes levied by the central and state governments.

It has been established by the 101st Constitutional Amendment Act. Cost of the goods is now 179. Likewise, the retailer gets the product from the wholesaler for 179.

Once implemente GST is expected to remove these distortions, as most of these taxes would be replaced by it. About 1countries across the world have introduced GST in one form or the other. The GST rate in various countries ranges from as low as per cent in Taiwan to as high as per cent in Denmark. In order to understand the features and objectives of GST. Goods and Service Tax ( GST ) is a value-added tax that is levied on most goods and services sold for domestic usage.

Furthermore, the very purpose of its existence is to ensure a just and fair tax system that is considered helpful to the economic development and fiscal growth not only of the economy of the United States but globally as well. Know how will it change India , about the problems and status of implementation of GST and more here. The government should remove flaws in the Constitutional Amendment Bill and build a consensus with the states on a flawless GST. The Bill , to give the Centre and states concurrent powers to tax goods and services, is a right step. This topic for the essay is one of the.

Goods and Services Tax ( GST ) is an indirect tax (or consumption tax) used in India on the supply of goods and services. GST replaced all Indirect taxes levied on goods and services by states and central. It replaces all indirect taxes levied on goods.

It is the biggest tax reform in India. After a few more formalities, the bill will finally become a law. GST aims to replace all indirect levied on goods and services by the Indian Central and State governments. Explore more on Gst Bill Discussion. This GST explained guide would be in-depth and concept clearing for everyone who reads this.

GST – Goods and service tax was in news from last two years, since Kelkar committee reports on financial reforms. This is an indirect tax which will subsumed all the indirect taxes which are in existence like Service tax, VAT, CST etc. In other words, under the current system, there is the cascading effect or double taxation – the consumer pays tax on tax already paid by the manufacturer which is embedded in the prices.

That is what makes the consumer higher tax, and in turn pay higher prices. It aims to adopt a value added tax (VAT) model, and replace the current national-level central excise duty and state-level sales tax model. GST Bill and Its Benefits (in Hindi).