Question

(c) Write a précis and give appropriate titles to the passage given below.
show his foc
The Goods and Services Tax (GST) is a vast concept that simplifies the giant tax structure by
supporting and enhancing the economic growth of a country. GST is a comprehensive tax levy
on manufacturing, sale and consumption of goods and services at a national level. The Goods
and Services Tax Bill or GST Bill, also referred to as The Constitution (One Hundred and
Twenty-Second Amendment) Bill, 2014, initiates a Value added Tax to be implemented on a
national level in India. GST will be an indirect tax at all the stages of production to bring about
uniformity in the system. On bringing GST into practice, there would be amalgamation of Central
and State taxes into a single tax payment. It would also enhance the position of India in both,
domestic as well as international market. At the consumer level, GST would reduce the overall
tax burden, which is currently estimated at 25-30%. Under this system, the consumer pays the
final tax but an efficient input tax credit system ensures that there is no cascading of taxes-tax
on tax paid on inputs that go into manufacture of goods In order to avoid the payment of multiple
taxes such as excise duty and service tax at Central level and VAT at the State level, GST
would unify these taxes and create a uniform market throughout the country. Integration of​

Answer 1

Answer:

One Tax for all: GST

Explanation:

Goods and Service Tax (GST) is a complete indirect tax structure, levied on manufacturing and sale of goods and services. It aims to combine all taxes into one, thus reducing the burden of the consumer. GST unifies the market sector throughout the country with the aim to tax consumption and not production