Essay on goods and service tax

Essay on goods and service tax

Feb 06,  · Essay on Goods and Services Tax (GST) Essay on GST With Headings. By reducing the cascading of tax at numerous levels, GST offers the goods more affordable Laws of GST. Here, Central GST Law administers with the combination of all taxes on goods and services, their Benefits of GST. The primary Estimated Reading Time: 7 mins Essay On Goods And Service Tax Words 4 Pages A fair and feasible tax regime is essential for the sustainable economic growth and fiscal consolidation of any economy in the world Jul 28,  · GST or Goods and Services Tax is a value-added tax on most goods and services sold for domestic use. It is a single tax system as it adds all the taxes together. The tax is added to the product and is paid by the customer along with the sales price. The GST is then collected by the seller and is forwarded to the Government

Essay on GST - Goods and Services Tax - good and service tax

Essay Topics — GST Essay or Essay on GST Read GST essay in English in and words. Let us know if your essay on GST in pdf. We will send pdf which will help you in UPSC exams. Essay on GST in India is the most asked question in People know less about GST which make examiner include this question. Goods and services tax GST is a comprehensive, multistage destination based indirect tax that is levied on every value addition.

The essay on goods and service tax of GST is to subsume most indirect taxes like a value-added tax VATservice tax, excise duty, customs duty, entertainment tax etc and establish a concept of one Nation one tax. President Pranab Mukherjee and Prime Minister Narendra Modi launches this tax plan on July 1st which came into effect through the implementation of Amendment Act of the constitution of India. GST Council having 33 members in the governing body of GST which is chaired by Union Finance Minister.

GST is levied at every step in the production process but is refunded to all parties in the chain of production other than the final consumer. Some major advantages of GST are reducing the complication in tax administration, removal of cascading of taxes levied by central and state governments, improve competitiveness for the trade, cost of doing business will be low, relief in overall tax burden for consumers and help to build a transparent corruption free tax administration.

According to the latest report introduction of GST would help India to gain 15 billion dollars every year. In this way, GST proves to be a game changer and is beneficial not only to the people but to the country as a whole.

The goods and service tax GST is one of the biggest economic and taxation reforms undertaken in India. Good and Services Tax GST is an indirect tax applicable though-out India which replaced multiple cascading taxes levied by central and state government.

It was introduced as the Constitution Act The GST is governed by GST council and its chairmen are the Finance minister of India. GST simplifies taxation procedure and it applied to both Goods and services. Taxes like excise duty, service tax, VAT, luxury tax etc.

GST is essentially a consumption tax and is levied at final consumption point. The principle used in GST taxation is the destination principle, essay on goods and service tax. It is levied on value addition and provides set-offs.

As a result, it avoids cascading effect or tax on tax which increases the tax burden on the end consumer. It is collected on Goods and services at each point of sale in suppler line. Since it reduces cascading effect it would be more transparent. In the GST system, essay on goods and service tax, when all the taxes are integrated it would make passive the taxation burden to split equitably between manufacturing services.

There is no doubt that in production and distribution of good and services are increasingly used or consumed and vice-versa. GST will be levied only at the final destination of consumption based on VAT principle and not at various points.

This will help in removing economic distortion and bring about the development of the common national market. GST would benefit people as prices will come down which will intern help companies as consumption will increase. However, according to some economist, GST in India would have a negative impact on the real estate market. Some experts say that CGST Central Goods and Services TaxSGST State GST are nothing but new names for central excise or services tax, VAT and CST.

Hence there would be no major reduction in a number of tax layers. After GST some of the retail product prices have been increased. There is no doubt that GST aimed at increasing the taxpayer base by bringing SMEs and the unorganised sector under it. This would make the Indian market more competitive than before and create a level playing field between large and small enterprises.

Further, Indian business will able to better compete with foreign countries such as China, Philippines and Bangladesh. However, some experts have also identified some of the disadvantages of GST implementation which could be a essay on goods and service tax of worry for some industries. Disaster Management Essay. My School Essay, essay on goods and service tax. Essay on Teacher. Women Empowerment Essay on goods and service tax. Note — Write your GST essay in India or Essay on GST in English for words.

If you are preparing for UPSC exam it will help you there as well. Your email address will not be published. Search for:. GST Essay or Essay on GST in English Essay Topics — GST Essay or Essay on GST Read GST essay in English in and words. GST Essay in English. Disaster Management Essay in English ». January 22, pm. It is nice … Reply. August 25, pm, essay on goods and service tax. Thank You Reply. January 30, pm. Very easy language for gst topic Reply.

Thank you so much Reply. October 12, am. Very easy and simple essay ever Reply. October 12, pm. Thank you so much for your comment Ridhima… Reply. Leave a Reply Cancel reply Your email address will not be published.

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GST Essay or Essay on GST | Goods and Services Tax Essay & Meaning

Abstract The Goods and services tax, implemented on July 1, , it is regarded as a taxation reform till date implemented in India since independence in GST was implemented in April but was postponed due to conflicting of stakeholders and political issues Feb 06,  · Essay on Goods and Services Tax (GST) Essay on GST With Headings. By reducing the cascading of tax at numerous levels, GST offers the goods more affordable Laws of GST. Here, Central GST Law administers with the combination of all taxes on goods and services, their Benefits of GST. The primary Estimated Reading Time: 7 mins Jul 28,  · GST or Goods and Services Tax is a value-added tax on most goods and services sold for domestic use. It is a single tax system as it adds all the taxes together. The tax is added to the product and is paid by the customer along with the sales price. The GST is then collected by the seller and is forwarded to the Government