Essay on Goods and Services Tax (GST) - Creative Essay.
GST simplifies taxation procedure and it applied to both Goods and services. Taxes like excise duty, service tax, VAT, luxury tax etc. will go with GST’s implementation. Under GST goods and services are taxed at following rated 0%, 5%, 12%, 18% and 28%. GST is essentially a consumption tax and is levied at final consumption point.Goods and Services Tax (GST) is a reformatory laws, rules and regulation which is composed of an individual tax referring on the supply of varied goods and services, which came from the producer to the clients or customers. The Acronyms GST means Goods and Services, whereby the State collects the same in lieu of indirect taxes.Free 516 words Essay on Positive and Negative Impact of GST (Goods and Services Tax) for school and college students. GST stands for Goods and Services Tax levied by the Government in a move to replace all of the indirect taxes. The main idea behind introducing GST is to improve the economy of the nation.
GST stands for Goods and Services Tax which is an indirect tax levied on the supply of goods and services. It is levied at every step of the production process i.e. on raw materials purchased by the manufacturer, on products sold to wholesaler by the manufacturer, on products sold to retailer by the whole seller and finally on the sale of product to the consumer.A dual structure would mean that there would be a central GST and a state GST, each levied on a comprehensive base comprising both goods and services. Thus, a transaction would attract both taxes. Ideally, both taxes should have been merged into a single national GST, with an appropriate sharing of revenues between the Centre and states.
Essay on Goods and Services Tax What is Goods and Services Tax? Goods and Services Tax (GST) is an indirect tax. The GST Bill was discussed in length in Parliament in order to end the prevailing taxation system of imposing various indirect taxes and implement a new system in which most of these taxes will be covered under one umbrella.
