Question

essay on gst in 250 worda

Answer 1

India is marching towards the progress with the lightning speed. After the demonetization, the GST bill is one the biggest tax reforms in India since the independence.  The GST bill is supposed to boost up the Indian economy is coming years. According to the GST bill, all the complex and multiple indirect taxes were replaced by one ultimate tax which is GST. GST created a buzz in the Indian economic market for sure and news media covering it to the fullest, we can see that GST going to be one of the top topics for speech, essay competitions for commerce stream students, UPSC, SBI PO type of higher exams can also you can expect essays on this topic. I think you should expect Impact, Risk, Effects, History, Evolution of Demonetization and GST topic in the exam and competitions too. I hope following information will help you in that.

In this article, we have tried to give you the information on different aspects of GST but in the easy and simple English language. We have written this mainly for school and junior college level students. You can use this information or overall idea from the content to write your own essay or speech or even for the Group Discussion (GD) on GST. This content can even be used for your SSC, UPSC, SBI PO, IAS essay exam preparation too if the quality of content serves the purpose.

Answer 2

Goods and Services Tax (GST) is

an indirect tax. The GST Bill was discussed in length in Parliament in order to

end the prevailing taxation system of imposing various indirect taxes and

implement a new system in which most of these taxes will be covered under one

umbrella .On 8th September, 2016, President Pranab Mukherjee gave assent to

this Bill, making it an Act .In order to understand the features and objectives

of GST Act, first we need to take a quick look on the previous taxation system .Previously

taxes were charged on every stage viz. excise on manufacture, VAT/CST on sales,

entry tax on entry of goods in local area etc .These taxes get accumulated with

the original price as the input credit for the tax already paid is not

available to the consumers. This cascading effect of tax i.e. tax on tax

results in hiking the prices of goods or services .These taxes were imposed by

the Centre and state differently according to the Lists in The Constitution of

India .Now the new concept of GST is that the GST would be a single tax system

which would be levied on ‘supply’ of goods and services and this tax will be

jointly imposed by the Centre and the state with the recommendation of a

Federal Institution created which is the GST Council....