Question

Essay on gst impact – cheaper or costlier?

Answer 1

                             GST impact – cheaper or costlier?

 

The recently implemented GST 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.

 

Answer 2

GST means Goods and Services Tax collected by the Government in a move to supplant the greater part of the indirect taxes. The fundamental thought behind acquainting GST is with enhancing the economy of the country.

GST is a solitary tax assessment framework that will diminish the quantity of indirect taxes. Prior, backhanded duties were charged as focal extract, VAT, benefit assess, and so forth. From now, a solitary tax collection term would cover those backhanded expenses(indirect taxes)

Corruption free tax assessment framework. GST would present corruption free tax collection framework. In the present situation, the tax is imposed at the time of item discharge from the assembling site, and after that retailers additionally, pay it.

Market improvement. GST would not be charged at each point of an offer like other indirect taxes so along these lines, the market would be developed.