write about "GST" in brief about 150 words
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Essay on Goods and Services Tax (GST)
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Taxes are the backbone of any economy. Direct and indirect tax is prevailing in the Indian economy. Indirect taxes affect the lower class due to being extremely devious and universal nature. Therefore, improvement in them is desirable.
The Government of India has approved the 122th Constitution Amendment Bill for tax reform, which will be implemented at the level level from 1 July 2017. This tax system based on a country, a market and a tax will stabilize the cost of goods and services. On GST implementation, excise duty, sales tax, service tax will be included in GST, which will reduce the prices of domestic and daily commodity items. This will increase consumption, resulting in increased production, manufacturing industry and foreign investment which will increase employment opportunities. This is a three-tier-CGST, SGST and IGST tax structure which will be done by central, state and intermediate trade. This will strengthen the federal structure. GST Council has also been set up for tax assessment, whose chairperson will be the Union Finance Minister.
However, there are some major challenges in implementing such a large economic reform as in the beginning of the year, revenue loss of states, settlement of disputes, training of employees of new tax system, threshold limit fixation Some services are likely to be expensive due to GST implementation and due to the reduction of inter-state trade charges, businessmen and investors will give importance to regional ease rather than regional development and local employment.
However, it can be made efficient by the government by good strategy and judicial system. Such effective changes are essential for the identification of Indian economy in the global competition and for business facilitation.
____________________________________________________________
Taxes are the backbone of any economy. Direct and indirect tax is prevailing in the Indian economy. Indirect taxes affect the lower class due to being extremely devious and universal nature. Therefore, improvement in them is desirable.
The Government of India has approved the 122th Constitution Amendment Bill for tax reform, which will be implemented at the level level from 1 July 2017. This tax system based on a country, a market and a tax will stabilize the cost of goods and services. On GST implementation, excise duty, sales tax, service tax will be included in GST, which will reduce the prices of domestic and daily commodity items. This will increase consumption, resulting in increased production, manufacturing industry and foreign investment which will increase employment opportunities. This is a three-tier-CGST, SGST and IGST tax structure which will be done by central, state and intermediate trade. This will strengthen the federal structure. GST Council has also been set up for tax assessment, whose chairperson will be the Union Finance Minister.
However, there are some major challenges in implementing such a large economic reform as in the beginning of the year, revenue loss of states, settlement of disputes, training of employees of new tax system, threshold limit fixation Some services are likely to be expensive due to GST implementation and due to the reduction of inter-state trade charges, businessmen and investors will give importance to regional ease rather than regional development and local employment.
However, it can be made efficient by the government by good strategy and judicial system. Such effective changes are essential for the identification of Indian economy in the global competition and for business facilitation.
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