speech on GST . near about 2 mins speech
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Aug 23, 2016 11:53
GST Explained In Under 3 minutes
by tanvi
The GST Bill is one of the most ambitious projects of the NDA government. It is also considered the single most powerful tax reform in India. Now that this bill has finally been passed, what does it mean for us, the end consumer?
Before we get to that, let’s try to understand what the GST really is.
What is GST?
The Goods and Services Tax (GST) is a tax that will be imposed in lieu of all other indirect taxes collected in India.
Indirect taxes are a collection of taxes that are levied on various stages of manufacturing of goods to their final consumption and utilization. Basically, the menu says your butter chicken costs Rs.100, but you end up paying Rs.160 or some such obscene amount.
GST.PNG
OK, we're buying furniture like adults, got it, FC.
Source:FundaCurry
The good news is, the government is now replacing indirect taxes with the GST. In terms that you and I can understand, instead of paying various taxes at different points in the process of manufacturing to consumption, the tax will be paid only at a single point.
Under this model, the tax collected will be shared between the center and state government. This is known as the Dual GST system.
And it works like this:
Central GST (CGST) – Levied by Centre
State GST (SGST) – Levied by State
Integrated GST (IGST) – Levied by Central Government on the inter-State supply of goods and services
GST will be not applicable on electricity, alcohol (yay!), and petroleum.
What’s Been Happening Until Now?
The GST Bill was proposed by the ruling government in 2014, though Atal Bihari Vajpayee first discussed it in 2000. In 2015, the bill was passed in the Lok Sabha, and on 3rd August 2016, the bill was finally passed in the Rajya Sabha.
After almost 16 years since it was first proposed, India’s biggest tax reform is going to be implemented across the country.
Aug 23, 2016 11:53
GST Explained In Under 3 minutes
by tanvi
The GST Bill is one of the most ambitious projects of the NDA government. It is also considered the single most powerful tax reform in India. Now that this bill has finally been passed, what does it mean for us, the end consumer?
Before we get to that, let’s try to understand what the GST really is.
What is GST?
The Goods and Services Tax (GST) is a tax that will be imposed in lieu of all other indirect taxes collected in India.
Indirect taxes are a collection of taxes that are levied on various stages of manufacturing of goods to their final consumption and utilization. Basically, the menu says your butter chicken costs Rs.100, but you end up paying Rs.160 or some such obscene amount.
GST.PNG
OK, we're buying furniture like adults, got it, FC.
Source:FundaCurry
The good news is, the government is now replacing indirect taxes with the GST. In terms that you and I can understand, instead of paying various taxes at different points in the process of manufacturing to consumption, the tax will be paid only at a single point.
Under this model, the tax collected will be shared between the center and state government. This is known as the Dual GST system.
And it works like this:
Central GST (CGST) – Levied by Centre
State GST (SGST) – Levied by State
Integrated GST (IGST) – Levied by Central Government on the inter-State supply of goods and services
GST will be not applicable on electricity, alcohol (yay!), and petroleum.
What’s Been Happening Until Now?
The GST Bill was proposed by the ruling government in 2014, though Atal Bihari Vajpayee first discussed it in 2000. In 2015, the bill was passed in the Lok Sabha, and on 3rd August 2016, the bill was finally passed in the Rajya Sabha.
After almost 16 years since it was first proposed, India’s biggest tax reform is going to be implemented across the country.
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