aims and objectives of gst
Answers
Answered by
2
hey yar GST objectives are GST objectives:
Ensuring that the cascading effect of tax on tax will be eliminated.Improving the competitiveness of the original goods and services, thereby improving the GDP rate too.Ensuring the availability of input credit across the value chain.Reducing the complications in tax administration and compliance.Making a unified law involving all the tax bases, laws and administration procedures across the country.Decreasing the unhealthy competition among the states due to taxes and revenues.Reducing the tax slab rates to avoid further clarification issues.
With all of these being very significant objectives of GST, it is still facing a lot of implementation issues. Some of them are:
Complete lack of adaptation mechanisms and trained staff.In some cases, the double registration might annoy people. Also, these registrations result in increase compliances and cost.Unclear estimate of the exact impact of GST.No clear mechanisms to control tax evasion.
AIMS OF GST:-The main aim of GST, which Prime Minister Narendra Modi termed as Good and Simple Tax, is to simplify the taxation process, reduce the burden of taxes (which will eventually happen automatically) and ensure compliance of tax payment.
"This will curb black money and lead to increase in national income and reduce the tax burden on people as the number of tax-payers will go up," Union Information and Broadcasting Minister M Venkaiah Naidu told reporters at Atkuru village near Gannavaram this afternoon.
"Some people are deliberately trying to create apprehension among people over GST. Any reform will cause some trouble initially.
"There was some trouble immediately after demonetisation. In a way, we get used to things but if we change a bit and go ahead, tax evasion will reduce. Also, the tax burden will reduce and the middlemen system will vanish," he pointed out.
HOPE IT HELPS U MARK ME AS BRAINLIEST
Ensuring that the cascading effect of tax on tax will be eliminated.Improving the competitiveness of the original goods and services, thereby improving the GDP rate too.Ensuring the availability of input credit across the value chain.Reducing the complications in tax administration and compliance.Making a unified law involving all the tax bases, laws and administration procedures across the country.Decreasing the unhealthy competition among the states due to taxes and revenues.Reducing the tax slab rates to avoid further clarification issues.
With all of these being very significant objectives of GST, it is still facing a lot of implementation issues. Some of them are:
Complete lack of adaptation mechanisms and trained staff.In some cases, the double registration might annoy people. Also, these registrations result in increase compliances and cost.Unclear estimate of the exact impact of GST.No clear mechanisms to control tax evasion.
AIMS OF GST:-The main aim of GST, which Prime Minister Narendra Modi termed as Good and Simple Tax, is to simplify the taxation process, reduce the burden of taxes (which will eventually happen automatically) and ensure compliance of tax payment.
"This will curb black money and lead to increase in national income and reduce the tax burden on people as the number of tax-payers will go up," Union Information and Broadcasting Minister M Venkaiah Naidu told reporters at Atkuru village near Gannavaram this afternoon.
"Some people are deliberately trying to create apprehension among people over GST. Any reform will cause some trouble initially.
"There was some trouble immediately after demonetisation. In a way, we get used to things but if we change a bit and go ahead, tax evasion will reduce. Also, the tax burden will reduce and the middlemen system will vanish," he pointed out.
HOPE IT HELPS U MARK ME AS BRAINLIEST
Similar questions