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GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST.
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Last year in the month of May, Lok Sabha passed the GST Bill, which was hailed as the biggest tax reform of India since Independence. However, due to political reasons, the Bill couldn’t pass the Lok Sabha’s approval since then.
Today is a litmus test for Modi Govt. as the reformed GST Bill would be tabled at Rajya Sabha and discussions related to its passage would be held.
GST or Goods and Services Tax Bill aims to create a uniform tax structure pan-India, removing several layers of taxation such as purchase tax, VAT or Sales Tax, state-level taxes like, entertainment tax, excise duty, entry tax, luxury tax and octroi. As per various analysts, GST Bill can increase India’s GDP by 2%.
In order to remove the political logjam and to take Congress Party’s support for passing GST Bill, Govt. has amended several pointers which was earlier passed in Lok Sabha:
– Removed the provision of 1% additional manufacturing tax for supplying goods so that non-manufacturing states doesn’t feel the pinch and stop revenue loss for them
– During the first 5 years of GST’s implementation, Govt. has guaranteed to compensate any revenue loss to any state
– A uniform GST rate would be accommodated which can protect the common man from high prices
– Centre will leave control to tax any business which has turnover of less than Rs 1.5 crore
– A dedicated dispute redressal system to be created pan-India