Short and simple Goods and Service Tax (GST Essay 2018).
GST is one of the greatest tax reforms in the indirect tax structure of India. It is a single, unified indirect tax levied on the supply of goods or services. Both the Centre and States levy GST concurrently. The main objective behind levying GST is to consolidate multiple indirect tax levies into a single tax. Thus, GST subsumes a host of.
The system allows the set-off of GST paid on the procurement of goods and services against the GST which is payable on the supply of goods or services. However, the end consumer bears this tax as he is the last person in the supply chain. Experts say that GST is likely to improve tax collections and boost India’s economic development by breaking tax barriers between States and integrating.
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all.
The Canadian Goods and Services Tax is a multi-level tax introduced in Canada on January 1, 1991. The GST replaced a hidden 13.5% Manufacturers’ Sales Tax (MST) which hurt the manufacturing sector’s ability to export. The introduction of the GST was very controversial. As of January 1, 2009, the GST rate across all Canadian provinces is 5%.
Goods and Services Tax Essay is the latest topic for any competitive exam. GST has been proposed in the Indian Parliament few months back and economists are deep diving to study its implications and feasibility of implementation throughout the country. Implementation of GST has been passed by one house of the Indian parliament but awaits approval from the other house. The Idea of GST was.
The GST also represents a historic opportunity to Make in India by Making One India. Eliminating all taxes on inter-State trade (including the 1percent additional duty) and replacing them byone GST will becritical to achieving this objective.
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