Question

what is the silent

fears of GST ?​

Answer 1

Answer:

nion of India is about to introduce a much awaited, discussed The Uniform Tax Bill  i.e Goods & Service Tax Bill.

To cut down the administrative huddles & puzzled present tax system in Indian the Modi led Government is keen on introducing GST. The Rational behind the uniform Tax System is to simplifying the tax System & to boost the revenue which is expected to rose up to 1.5% of present Tax collection. Experts are also of the view that it can help to minimize the fiscal deficit.

There are some miss understanding with state governments that it may lose its revenue if GST is applied but on finding one can insure that the GST will help State as well as Central to stand up its revenue collections.

Silent Features of GST

(i) GST would be applicable on supply of goods or services as against the present concept of tax on the manufacture or on sale of goods or on provision of services.

(ii) GST would be a destination based tax as against the present concept of Origin based tax.

(iii) It would be a dual GST with the Centre and the States simultaneously levying it on a common base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States would be called State GST (SGST).

(iv) CGST and SGST would be levied at rates to be mutually agreed upon by the Centre and the States.

(v) GST would replace the following taxes currently levied and collected by the Centre

a. Central Excise duty

b. Duties of Excise (Medicinal and Toilet Preparations)

c. Additional Duties of Excise (Goods of Special Importance)

d. Additional Duties of Excise (Textiles and Textile Products)

e. Additional Duties of Customs (commonly known as CAD)

Explanation:

Answer 2

Yeah I heard about this