Question

what is the main motive of gst

Answer 1

The Goods and Service Tax (GST) is a comprehensive value added Tax on the supply of Goods and services.  GST will replace all the indirect taxes (like Excise duty, VAT, CST etc.) levied on goods and services by Government once it is implemented.  The main motive of GST is to reduce the cascading effect of the tax on the cost of goods and services and create a common, cooperative and undivided Indian market to make the economy stronger and powerful. So the GST system will combine Central excise duty, additional excise duty, service tax, State VAT entertainment tax etc. under one banner. It will impact tax structure, tax incidence, tax computation, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system. This is one of the biggest taxation reform that will take place in India once it is officially passed by Government.

Many countries across the world have single unified GST system but due to non-consensus between central and state government of India, India shall adopt a Dual GST model, meaning that the GST would be administered both by the Central and the State Governments.  A Dual GST will be levied on the taxable value of every transaction of supply of goods and services.

State Goods and Services Tax (SGST), collected by the state government
Central Goods and Services Tax (CGST), collected by the central government
Integrated Goods and Service Tax (IGST), collected by the central government on the inter-State supply of goods and services.

Answer 2

Motive of GST

Explanation:

The Goods and Service Tax  is a comprehensive value added Tax on the supply of Goods and services.  GST will replace all the indirect taxes (like Excise duty, VAT, CST etc.) levied on goods and services by Government once it is implemented.  The main motive of GST is to reduce the cascading effect of the tax on the cost of goods and services.

GST is predicted to compile state economies and improve overall economic process of the state . GST may be a comprehensive tax levy on manufacture, sale and consumption of products also as services at the national level. it'll replace all indirect taxes levied on goods and services by states and Central.

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