Are you looking for complete detail about Goods and Services Tax (GST) or looking for essay on GST then you are at the right place.
In this essay on GST, we’ll discuss many topics about Goods and Services Tax (GST).
About Goods and Services Tax (GST)
The GST has been applied in India under the ministry of honorable Prime Minister Narendra Modi.
The Indian Goods and Services Tax law and the regulations are compact and tightly packed so as to give a precise understanding, leaving few options for different conclusions. In a nutshell, only value addition will be taxed and the burden of tax is to be borne by the final consumer. The Indian law is a summary and therefore lacks specificity and breeds scope for interpretation despite having few exceptions from tax and a single tax rate.
It is a destination based tax on consumption of goods and services. It is proposed to be applied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available asset off. But my respect for Indian Goods and Services Tax laws and regulation has increased incredibly now.
Any disruption is never easy. Implementation of the Goods and Services Tax in India During the days of the GST rollout Indian Governmental authorities were quick to issue clarifications. The size of circulars issued since 1 July 2017 ran into thousands of pages. It has been huge trouble as it was also accompanied by protests, inflation spikes, compliance burdens on small businesses and more, at least in the short term.
Till now we have discussed the GST in the ESSAY ON GST and the next thing is we are going to discuss in this ESSAY ON GST is effects.
GST Rate Changes Come into effect on 178 items where the rate has been brought down from 28% to 18%; Consumers may take note of reduction in Price / MRP on these Goods
- Shampoos; Hair cream, Hair dyes ( and similar other goods; henna powder or paste, not mixed with any other ingredient;
- Personal deodorants, bath preparations, perfumery, cosmetic or toilet preparations, room deodorizers.
- Perfumes and toilet waters
- Beauty or make-up preparations etc.
We had a number of taxes across the country. Goods and Services Tax is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition. With GST, there will be one tax rate in the entire country. One country had multiple tax rates and multiple rules. Often, the producers ended up paying more and so did the consumers. This will all change with the advent of GST.
Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. A system of seamless tax-credits throughout the value-chain, and across boundaries of States, would ensure that there is minimal cascading of taxes. Goods and Services Tax is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
The Good and Services Tax would replace the following taxes:
(i) State taxes that would be subsumed under the Goods and Services Tax are
- State VAT
- Central Sales Tax
- Taxes on advertisements
- Entry Tax (all forms)
- Entertainment and Amusement Tax
- Luxury Tax
- Purchase Tax
- Taxes on lotteries, betting, and gambling
- taxes currently levied and collected by the Center
- Central Excise duty
- Additional Duties of Customs (commonly known as CVD)
- Additional Duties of Excise
- Additional Duties of Excise (Textiles and Textile Products)
- Duties of Excise (Medicinal and Toilet Preparations)
- Special Additional Duty of Customs (SAD)
- Service Tax.
The India Good and Services Tax case is structured more around efficient tax collection, reduction in corruption, easy inter-state movement of goods, etc.
Keywords: Essay on GST, Essay on Goods and services tax, About GST