essay on gst in 250 words
Answers
GST impact – cheaper or costlier
The recently implemented GST (Goods and Services Tax) 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.
"GST (Goods and Service Tax):
Goods and Service Tax is the tax made on production and everything like selling and buying. It is implemented mainly to make “transparency” in the “taxation” and bring uniformity in taxes all through the country.
It is another way to step towards eliminating corruption in the tax system. This helps the people who do business or trading in a large scale very much. This improves the business in India which contributes to the “Development of the country”."