Question

G S T essay in English 100 words

Answer 1

Goods and services Tax 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 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 manufacturing, VAT,CST on sales, entry of goods in local area etc.

Answer 2

                                           GST                                                                                   A just and viable tax regime is vital for the sustainable economic growth and fiscal consolidation of any economy in the world.

This assumes a greater importance in a developing economy like India where although we have a high demographic dividend, we are yet to convert it to the proportionate human capital, which will in turn benefit the social and economic growth of the country.

In order to facilitate this, we need a conducive environment as we push forward towards becoming a better developed nation.

In order to become a more economically developed nation, we need a transparent, just, equitable and fair taxation system that is easy to administer.

The essential rationale behind this is that the taxation system should be reasonable and non-discriminatory in respect to both the direct taxes payable by individuals and the indirect taxes payable by corporations and industries so as to make them more tax-compliant and bring the larger populace in the taxation net to in turn aid the government in taking development projects.

Goods and Services Tax (GST) is a reformatory legislation which is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

Credits of input taxes paid at each stage will be available in the subsequent stage of value addition , which makes GST essentially a tax only on value addition at each stage.

The final consume will thus bear only the GST charged by the last dealer in the supply chain with set-off benefits at all the previous stages.

Explanation: