Question

write an article on gst

Answer 1

The Goods and Services Tax (G.S.T.) is a landmark step taken by the Government of India to boost the GDP and introduce a more effective tax regime.

GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of the industry, government and the consumer.  It will lower the cost of goods and services to give a boost to the economy and make the products and services globally competitive. By subsuming most of the central and state taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading and improve competitiveness and liquidity of the businesses.

GST will be applicable to all dealers whose aggregate turnover in a financial year exceeds INR 2.00 Million (INR 1.00 Million in case of eleven special category states). Separate registration will be required in every state from where a taxable supply of goods or services is made.
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