Question

make a report on GST and write your opinion

Answer 1

GST one of the most Chanted Word in the Finance Industry , abbreviated as Goods & Service Tax.  

Two different opinion : A major Tax relief or aTax burden?

Though, i may not have a detailed knowledge about it but nobody would deny the fact that they are familiar to the term (GST). By this article I hope some of the concepts would be clear.

Answer 2

hi,
GST is one indirect tax for the whole nation, which will make India one unified common market.

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

At the Central level, the following taxes are being subsumed:

Central Excise Duty,

Additional Excise Duty,

Service Tax,

Additional Customs Duty commonly known as Countervailing Duty, and

Special Additional Duty of Customs.

At the State level, the following taxes are being subsumed:

Subsuming of State Value Added Tax/Sales Tax,

Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),

Octroi and Entry tax,

Purchase Tax,

Luxury tax, and

Taxes on lottery, betting and gambling.

best wishes