Essay on GST bill in 500 words
Answers
Answer :
GST (Goods and service tax)
In this amended bill a scheme for the formation of an object and service tax council was proposed to generate better coordination between the Center and the States. There will be 2/3 member states and 75% of the votes will be required for all decisions. Alcohol that became an important issue of controversy was excluded from the tax net. Petroleum products like petrol and diesel have been excluded from this tax system for some time as well. Apart from this, the Council has been given extensive powers to make tax related arrangements.
In short, the government seems to be committed to ending the disputed issues and pass this consensus to the widow. If we discuss the obstacles in the way of GST (Goods and service tax) bill, then the solution of most important disputes has been found. Proof of this can be seen from the fact that the proposed bill has got consent of almost half the states and efforts are being made between Center-state to suppress the fears of other states. The present government is committed to pass the commodity and service tax bill by April, 2016. This bill is proposed to be discussed in the Lok Sabha in the winter session of 2015. The commodity and service tax bill has been passed, and it is being implemented from July 1, 2017.
Now, if the benefits of commodity and service tax are seen, it will make the current tax system at the initial level as simple, transparent, relevant and effective. It will be able to get rid of the junk of complex procedures and rules and regulations at both levels of taxation and tax collection. The integrated tax system is also capable of delivering customers with double taxation. This will save the customer from another where the inspector will be able to get away from the Raj will also be able to avoid the same increase in prices.
Apart from this, the rate of uniform tax at both the Central and State levels will also help in the formation of a National Common Market. At the same time, this reform of tax system will also help in creating a better competitive environment for trade and investment at home and international level. The impact of these micro-scale levels will also increase the country's GDP. Overall, this tax-related reform will work together to accelerate economic growth and development.
Conclusion: If you say that tax system is the backbone of any nation's economic system. The stronger it will be, the stronger the economic structure will be. In this context, also looking at international experiences related to "goods and services tax", then positive and encouraging results are seen. Economic reforms are essential for emerging economic power like India. Therefore, making the consensus of the Central and the States on the provisions of the object and service tax, it is preferable to implement it.