report of GST about 3 para graphs
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GST,s full form is goods and services tax. almost all country's are following GST. it was some days before our country became GST.
Its a wonderful decision our pm took to make our country GST accordingly. because of GST many people are getting help across the state.
Its a wonderful decision our pm took to make our country GST accordingly. because of GST many people are getting help across the state.
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Many economists and experts have predicted that the GST bill will boost up the economy in long run. India is a collective economy where each state has its own set of rules for them. This makes the growth of the country slow, causes difficulties to the businesses and higher possibilities of tax evasion and corruption. To make the tax payment process simpler and create a win-win environment for both, government as well as businesses, and to reduce the corruption, GST bill is introduced in India which is very important. So let’s see why GST is good for India, the businesses in India and the common man of India.
GST is a simple tax system. Now, the taxpayer won’t be confused about the what type of taxes he/she should pay. There will be only one tax, which is GST. The agenda of the government behind introducing GST itself is “One Nation, One Tax”. GST is going to ease the stress of taxes from the Indian businesses and manufacturers. They now have to pay lower taxes, and it will surely increase the scope of a better business environment and flexibility. India is economically growing with a lightning speed. The developed countries like Sweden, Denmark, Germany, Switzerland, Japan – have moved to a common GST (Goods and Service Tax) to provide one common window for tax collection. So now GST has become a standard for the global business and India being progressing towards the development had to embrace a uniform, sophisticated tax system which is GST. GST will surely increase the number of taxpayers, which will in turn help to reduce the tax rates as more people are paying taxes. Removal of the Cascading Tax Effect is another advantage of GST. In simple words “cascading tax effect” means a tax on tax. In previous tax system, the tax was levied on goods at each stage of the production process up to the point of being sold to the final consumer. A cascade tax is a type of turnover tax with each successive transfer being taxed inclusive of any previous cascade taxes being levied. This creates a burden of taxes on the end user, hence in GST, there will be no cascading tax.
As every coin has two sides, even The GST has its own set of drawbacks and disadvantages. GST is a newly introduced tax system in India. A common man is unaware of how the GST works moreover citizens are used to the previous direct taxes, so it would take the time to digest the whole big change and also to get familiar with the GST. Also, all the business software, processes like accounting and ERP software need to be updated with the latest tax system which is GST. Under GST some services will become costlier such as TeleCom, Airlines, Banking, Insurance will be costlier under GST bill.
GST is a simple tax system. Now, the taxpayer won’t be confused about the what type of taxes he/she should pay. There will be only one tax, which is GST. The agenda of the government behind introducing GST itself is “One Nation, One Tax”. GST is going to ease the stress of taxes from the Indian businesses and manufacturers. They now have to pay lower taxes, and it will surely increase the scope of a better business environment and flexibility. India is economically growing with a lightning speed. The developed countries like Sweden, Denmark, Germany, Switzerland, Japan – have moved to a common GST (Goods and Service Tax) to provide one common window for tax collection. So now GST has become a standard for the global business and India being progressing towards the development had to embrace a uniform, sophisticated tax system which is GST. GST will surely increase the number of taxpayers, which will in turn help to reduce the tax rates as more people are paying taxes. Removal of the Cascading Tax Effect is another advantage of GST. In simple words “cascading tax effect” means a tax on tax. In previous tax system, the tax was levied on goods at each stage of the production process up to the point of being sold to the final consumer. A cascade tax is a type of turnover tax with each successive transfer being taxed inclusive of any previous cascade taxes being levied. This creates a burden of taxes on the end user, hence in GST, there will be no cascading tax.
As every coin has two sides, even The GST has its own set of drawbacks and disadvantages. GST is a newly introduced tax system in India. A common man is unaware of how the GST works moreover citizens are used to the previous direct taxes, so it would take the time to digest the whole big change and also to get familiar with the GST. Also, all the business software, processes like accounting and ERP software need to be updated with the latest tax system which is GST. Under GST some services will become costlier such as TeleCom, Airlines, Banking, Insurance will be costlier under GST bill.
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