article on gst 170 words
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implemented GST (Goods and Services Tax) by the Indian Finance Ministry was a
revolutionary step in the direction of bringing more transparency into the
Indian Taxation and Revenue Department. Any new change introduced in any system
is received with reluctance by many people. Similarly, there were different
responses to GST. However, the Government implemented it with the purpose of
bringing uniformity and transparency in the taxation system in the
country. GST has many advantages. It will reduce number of indirect taxes.
There will also be no hidden taxes, which will lower the cost of production. It
will make the taxation system corruption free.
Technically, GST is good for all. It will help the nation to achieve its
economical and developmental goals faster. There are many advanced countries in
the world where GST is used. We should all welcome this new change which has
been implemented with the purpose of ending corruption in our country.
Initially there will be some people and political parties that will raise hue and
cry opposing the GST implementation, however soon the entire nation, especially
the poor people will reap many benefits of this implementation. Evaluating the
Impact of GST objectively, it can be concluded that it is not costlier at all
for the national interests.
A just and viable tax regime is vital for the sustainable economic growth and fiscal consolidation of any economy in the world.
This assumes a greater importance in a developing economy like India where although we have a high demographic dividend, we are yet to convert it to the proportionate human capital, which will in turn benefit the social and economic growth of the country.
In order to facilitate this, we need a conducive environment as we push forward towards becoming a better developed nation.
In order to become a more economically developed nation, we need a transparent, just, equitable and fair taxation system that is easy to administer.
The essential rationale behind this is that the taxation system should be reasonable and non-discriminatory in respect to both the direct taxes payable by individuals and the indirect taxes payable by corporations and industries so as to make them more tax-compliant and bring the larger populace in the taxation net to in turn aid the government in taking development projects.
Goods and Services Tax (GST) is a reformatory legislation which 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 , which makes GST essentially a tax only on value addition at each stage.
The final consume will thus bear only the GST charged by the last dealer in the supply chain with set-off benefits at all the previous stages.