Question

need a 4 min. speech on GST ....help out guys!!!!!

Answer 1

GST is a single taxation system that will reduce the number of indirect taxes. Earlier, indirect taxes were charged as central excise, VAT, service tax, etc. From now, a single taxation term would cover all of those indirect taxes.

The Prices of products and services would reduce so this system would prove to be beneficial for the people who are fed up of paying huge prices.

This would reduce the burden from the state and the central government. Presently separate taxes are levied on goods and services that you produce. With the introduction of GST, all of these indirect taxes would come under a single roof.

Market development. GST would not be charged at every point of sale like other indirect taxes so this way, market would be developed.

Corruption-free taxation system. GST would introduce corruption-free taxation system. In the present scenario, the tax is levied at the time of product release from the manufacturing site, and after that retailers also pay it.

Positive impact on the Central and the State level 
According to the latest reports, the introduction of GST would help India to gain $15 billion every year. Let us see how:

Improved exports

More opportunities for employment

Enhanced economy growth

Reduced burden on central and state government.

Answer 2

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017,following the passage of Constitution 122nd Amendment Act Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% ,18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2 trillion dollar economy.

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