GST and its impact on the economy
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heya!
here's your answer!
I offer u my thanks for asking this question:)
since it's a burning topic in today's world^^
GST- GOOD SERVICE TAX OR A BAD ONE?
- by AnviGottlieb
⚫changes have been a natural elements in the lives of human beings who have always tried to create something new..
when we think of this era..
tremendous changes cross our minds..for me the newest being referred to as the emerald stone in the history of Indian taxation- the tax for all taxes - GST .
⚪The process of tax reforms initiated in India since 1991 is aimed at implementing a uniform tax system on goods and services across the country, thereby reducing the complexity of the tax system by simplifying the process of taxation and simplifying it. Could go.
⚫Apart from this, there will be an opportunity to create a better competitive business environment in India, while there is also a possibility of a sharp increase in the revenue of the other, and in this context, towards the improvement of indirect taxes, in the context of VAT (Value Added Tax) sequel. In the form of "goods and services tax" is a significant stop.... being called in short as GST . There is a unified indirect tax imposed on the goods and services tax and goods, which include central excise duty, state level VAT, taxation, purchasing tax, luxury tax, entertainment duty, service tax etc.
⚪The implantation of the item and service tax will be done on the last step of supply and use. This tax will be compulsorily charged at every level of value addition. In this, any supplier at any stage is allowed to make up the tax through the tax credit system. In this, the customer is required to pay only on the last step of the supply chain.
⚫The biggest and far-reaching tax reforms are being reported after the independence of tax and taxation related to goods and services. Its background can be seen being prepared in the budget of 2006-07 when the then Finance Minister P Chidambaram had proposed to implement it from April 1, 2010.
⚪There will be a restriction for decision regarding rate of this council tax, boundary and tax hikes. Along with this, provision of object and service tax dispute tribunal was also made in this bill, which will work to resolve the disputes arising in this regard. It will be the President of the Supreme Court or the High Court but the amendment has been strongly opposed by the states that due to the implementation of this amendment, their revenue will adversely affect them. Also, it will also negatively affect their financial autonomy. Even after overriding the decision of the central leadership in the object and service tax council, the states also filed objection. As a result, this bill could not be passed.
⚫In the year 2014, the government, led by the Bharatiya Janata Party, presented the 12th Amendment Bill on GST (Goods and Services Tax) in the winter session of Lok Sabha. In this bill, a serious attempt was made to suppress the objections raised by the states in the past. While making comprehensive provisions for compensation for the possible damage to the states in the proposed bill, it has been made that in the direction of the commencement of the goods and services tax, each state will get 100% compensation for the first 3 years, whereas in the fourth year 75% and 50% revenue compensation will be provided for the fifth year....
⚪so here's what the new tax revolutionary product has in store for us.. the rates .. the compensations , the thoughts for a better tomorrow etc. provided to us..
but will it give fruitful results?
⚫well... for a reality check right now..
I have a ghastly news..which was presented by the local TV channels just a couple of days ago in a popular show..
it is..
that due to GST ... the corruption rate of shopkeepers of all wares has increased on an alarming rate. .. because of tax robbery..
well..
can we still say that GST will give truly amazing results?
the general generation will see..
however the politicians day of its long term effects
the public will see to the defects ...
note: the various data sources presented in the speech is from web resources.. copyright holder terms haven't been violated :)
THANKS.
HOPE THIS HELPS YOU:)
ANVIGOTTLIEB
BRAINLY BENEFACTOR;)
ENGLISH SHAKESPEARE:)
here's your answer!
I offer u my thanks for asking this question:)
since it's a burning topic in today's world^^
GST- GOOD SERVICE TAX OR A BAD ONE?
- by AnviGottlieb
⚫changes have been a natural elements in the lives of human beings who have always tried to create something new..
when we think of this era..
tremendous changes cross our minds..for me the newest being referred to as the emerald stone in the history of Indian taxation- the tax for all taxes - GST .
⚪The process of tax reforms initiated in India since 1991 is aimed at implementing a uniform tax system on goods and services across the country, thereby reducing the complexity of the tax system by simplifying the process of taxation and simplifying it. Could go.
⚫Apart from this, there will be an opportunity to create a better competitive business environment in India, while there is also a possibility of a sharp increase in the revenue of the other, and in this context, towards the improvement of indirect taxes, in the context of VAT (Value Added Tax) sequel. In the form of "goods and services tax" is a significant stop.... being called in short as GST . There is a unified indirect tax imposed on the goods and services tax and goods, which include central excise duty, state level VAT, taxation, purchasing tax, luxury tax, entertainment duty, service tax etc.
⚪The implantation of the item and service tax will be done on the last step of supply and use. This tax will be compulsorily charged at every level of value addition. In this, any supplier at any stage is allowed to make up the tax through the tax credit system. In this, the customer is required to pay only on the last step of the supply chain.
⚫The biggest and far-reaching tax reforms are being reported after the independence of tax and taxation related to goods and services. Its background can be seen being prepared in the budget of 2006-07 when the then Finance Minister P Chidambaram had proposed to implement it from April 1, 2010.
⚪There will be a restriction for decision regarding rate of this council tax, boundary and tax hikes. Along with this, provision of object and service tax dispute tribunal was also made in this bill, which will work to resolve the disputes arising in this regard. It will be the President of the Supreme Court or the High Court but the amendment has been strongly opposed by the states that due to the implementation of this amendment, their revenue will adversely affect them. Also, it will also negatively affect their financial autonomy. Even after overriding the decision of the central leadership in the object and service tax council, the states also filed objection. As a result, this bill could not be passed.
⚫In the year 2014, the government, led by the Bharatiya Janata Party, presented the 12th Amendment Bill on GST (Goods and Services Tax) in the winter session of Lok Sabha. In this bill, a serious attempt was made to suppress the objections raised by the states in the past. While making comprehensive provisions for compensation for the possible damage to the states in the proposed bill, it has been made that in the direction of the commencement of the goods and services tax, each state will get 100% compensation for the first 3 years, whereas in the fourth year 75% and 50% revenue compensation will be provided for the fifth year....
⚪so here's what the new tax revolutionary product has in store for us.. the rates .. the compensations , the thoughts for a better tomorrow etc. provided to us..
but will it give fruitful results?
⚫well... for a reality check right now..
I have a ghastly news..which was presented by the local TV channels just a couple of days ago in a popular show..
it is..
that due to GST ... the corruption rate of shopkeepers of all wares has increased on an alarming rate. .. because of tax robbery..
well..
can we still say that GST will give truly amazing results?
the general generation will see..
however the politicians day of its long term effects
the public will see to the defects ...
note: the various data sources presented in the speech is from web resources.. copyright holder terms haven't been violated :)
THANKS.
HOPE THIS HELPS YOU:)
ANVIGOTTLIEB
BRAINLY BENEFACTOR;)
ENGLISH SHAKESPEARE:)
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