essay on gst within 250 words
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The Goods and Services Tax (GST) Bill is also known as the Constitution (122nd Amendment) Bill. It intends to replace the existing multiple tax structures at central and state level prevailing in India. Currently goods and services are being taxed separately in India which is causes complexities in splitting the the value of their transactions to account for the costs of various overheads including administrations costs, compliance costs etc. GST will serve to rectify all these hindrances of the current tax structure of India.
Goods and service tax will impose a positive effect on people's money in India as it will lead to a reduction in the prices of goods and service because under GST, manufacturers and traders would not have to include taxes as a part of their production costs. This tax system allows full credit of tax paid at earlier stages to the manufacturers and producers irrespective of their state. This has been made possible because GST is administered both at the central as well as the state level.
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Goods and service tax will impose a positive effect on people's money in India as it will lead to a reduction in the prices of goods and service because under GST, manufacturers and traders would not have to include taxes as a part of their production costs. This tax system allows full credit of tax paid at earlier stages to the manufacturers and producers irrespective of their state. This has been made possible because GST is administered both at the central as well as the state level.
PLZ MARK ME AS BRAINLIEST!!
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