Question

Write a reflecting essay on GST

Minimum :- 150 words.

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Answer 1

GST is intended to replace the existing multiple tax structures at central and state level prevailing in India. Currently goods and services are being taxed saparately in India which is cause of complexities in splitting the the value of their transactions to account for the costs of various overheads including administrations costs, compliance costs etc. GST will serve to rectify all these hindrances of the current tax structure of India.


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Answer 2

GST stands for Good & Services Tax which is an indirect tax applicable throughtout India which replaced multiple cascading taxes levied by the central and state governments. The GST is governed by a GST Council and it's Chairman is the finance minister of India.
It was introduced as the Constitution Act 2017, following the passage of constitution 122nd amendment bill. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. Under GST, goods and services is taxed at the 0%, 5%, 12%, 18%, 28%. It was launched by our Prime Minister Narendra Modi on 30 June 2017. The launch was marked by a historic midnight. Members of congress boycotted the GST launch together.

BENEFITS OF GST
》Removing cascading tax effects
》Higher threshold for registration
》Increased efficiency in logistics
》Composition scheme for small businessmen
》Lesser complications
》Regulating the unorganized sector

GST is a just and viable tax regime which is vital for the sustainable economic growth and fiscal consolidation of any economy in the world.

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