gst pe eassy in English
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Goods and services tax GST is a comprehensive, multistage destination based indirect tax that is levied on every value addition. The objective of GST is to subsume most indirect taxes like a value-added tax (VAT), service tax, excise duty, customs duty, entertainment tax etc and establish a concept of one Nation one tax. President Pranab Mukherjee and Prime Minister Narendra Modi launches this tax plan on July 1st 2017 which came into effect through the implementation of 101 Amendment Act of the constitution of India.
GST Council having 33 members in the governing body of GST which is chaired by Union Finance Minister. GST is levied at every step in the production process but is refunded to all parties in the chain of production other than the final consumer.
Some major advantages of GST are reducing the complication in tax administration, removal of cascading of taxes levied by central and state governments, improve competitiveness for the trade, cost of doing business will be low, relief in overall tax burden for consumers and help to build a transparent corruption free tax administration.
Along with positive aspects, some negative aspects of GST are such as an increase in service tax from 15 % to 18%, an increase in the price of Petroleum, real estate market etc
GST (India’s biggest tax Reform) is a Revolutionary step taken by the government of India to ameliorate the economy of the nation. According to the latest report introduction of GST would help India to gain 15 billion dollars every year. In this way, GST proves to be a game changer and is beneficial not only to the people but to the country as a whole.