Article on GST in 100-150words
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he Goods and Services Tax (GST) is one of the biggest economic and taxation reforms undertaken in India. Parliament initiated a seven-hour marathon debate on four GST Bills. Finance Minister Arun Jaitley has been hoping to get consensus on GST. The debate in parliament is on to discuss four supplementary GST Bills tabled by the government on Monday.
The GST aims to streamline the taxation structure in the country and replace a gamut of indirect taxes with a singular GST to simplify the taxation procedure. The system will phase out all indirect taxes and only GST will be applied as an indirect tax. It will apply on both Goods and Services. Taxes like excise duty, VAT, service tax, luxury tax etc will go with GST’s implementation.
The GST aims to streamline the taxation structure in the country and replace a gamut of indirect taxes with a singular GST to simplify the taxation procedure. The system will phase out all indirect taxes and only GST will be applied as an indirect tax. It will apply on both Goods and Services. Taxes like excise duty, VAT, service tax, luxury tax etc will go with GST’s implementation.
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