Essay on gst in 250 words in english grade up
Answers
GST is goods and services tax
Explanation:
- This tax is added to the original price of the product and is collected from the customers indirectly
- This tax is remitted to the government by business selling goods and services
- The goods and services Act came into effect in 2017 in India
- currently, this system is very complicated India due to other overlapping taxes
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Essay on GST:
GST stands for goods and services tax which is applicable for a few categories of products in India. GST has been introduced on 1st July 2017 by the President of India. After the GST has been announced, the opposition has criticized this act since saying this will create a lot of problems for a common man in indie basically the middle class and lower-middle-class people.
The GST is applicable for 28 goods and 53 services. There are five rates at which GST charged from a few categories of products: 0%, 5%, 12%, 18%, and 28%. These GST rates are variable for different products.
Such as 18% GST is charged for the personal care categories like the soaps and detergents and 18% GST is charged for the movie tickets less than Rs hundred and between 18% to 28% GST is charged on the movie tickets more than hundred Rs., 5 % GST charged on clothes.
Few categories of products have been relived from the GST like dairy products, some grocery items, meat products, vegetables, fruits, milk, etc. There is a GST council who takes care of all the GST rates and they decide any modification, addition in any tax-related to food and services in India.
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