GST (Goods and Services Tax) in India.
OR
Is GST really a One nation, One tax system?
Points to remember before you participate in a Essay Writing:
- Divide your essay into 3 parts (each in a different paragraph).
- Introduction -> content -> conclusion.
- Give a space after the full stop (.) and comma (,).
- Capitalise the next word after the full stop.
- Frame small sentences as it will prevent you from making mistakes. Avoid extra spaces.
- Your essay should not be less than 300 and not more than 400 words
- The essay should be the original work and it should not be copied from anywhere.
items.India is going through lot of changes now days. First demonetization takes place to remove corruption and curb black money, then one common tax system is started to follow to make a corruption free India. Goods and service tax results a revolution in Indian economy. This system is launched by our honorable prime minister from 1st July, 2017.
GST declares death of all taxes and makes India a one Nation, one market, one tax country. As it is a digitized process there is no way to do blunders with money. People's whose annual turnover is more than 12 lacks has to make their business digitized to pay the tax direct to the government. By this tax system many product like biscuits, tooth paste become cheaper and will be manufactured in high volumes. The government has made it compulsory to mention Aadhaar for the filing of income tax return. The ordinary man can take a big sigh of relief because there will be many opportunities for making significant savings on GST..Products like oil, soap, kajal tissue prices will come down by 6% to 10%. Most branded goods that were taxed at 23-25% is reduced to 18% which means more shopping of branded goods at reasonable rates. Air travelling also become cheaper.
But for every action, there is a reaction. Gst is confusing the common man even large scale businesses, they need to rely on advocates and chartered accountants to make them understand about GST. Not only that but using computerized process, online registration and return filing is a hassle for those who are barely in touch with technology. The government has estimated that Indian economy will require at least 2 years to become stable.
And yes it is making India as one nation, one tax system which helps to reduce.
Show Full Essay
Loading
GST is one of the biggest tax reform in our country. It reduces taxes like custom tax, sales tax, vat etc are into one umbrella. In 2017 July 1, goods and service tax were implemented in our nation after long discussions and ammedment of laws.
Goods and service tax was first implemented in France. Then several countries like China, Canada etc accept GST. Our country accepted the candian model of GST. That is dual structure GST.
We face several problems after implementation of GST. Our GST council recommended a four slab tax system. This make a panic in our retail sector. And India high GST rate as compared to other countries. After implementation of e- way bill, the problem behind the GST will reduced.
GST is good for nation. This implies one nation one tax. If a new system implemented, first we face several problems. But long term it is good for our nation. It improve our taxation system, reduce corruption and black money etc. So we must support GST for our nation's future
Loading
GST which stands for goods and service tax. GST is perceived as replacement of all indirect taxes that are in circulation or we can say rather than having multiple taxes by different states and bodies GST forms a single tax system.
According to me there are more disadvantages of GST.
GST would impact on real state market, it swell negative remarks on real estate . It increase the cost of new houses by 8% .
GST which include cgst , sgst and igst is nothing but just a new name of taxation system.
Kind of old wine in new bottle.
GST will impact on many different faculties like telecom , Airline, Banking, petroleum and insurance are affected majorly.
Online taxation system is an advantage as well as disadvantage . Many people are not able to process their taxes and this forces them to reach out to a third party for tax filing purpose.
Public is still unclear about the process . It's been 6 months since the GST has been rolled out and there are people who are still not clear about GST.
Loading
Good and Service Tax is one of the important and useful step taken by the Indian Government. Good and service is one tax and one nation. Gst is the one tax system which is really helpful for the people and it is divided into two types one is CGST which is abbreviated as Central Goods and Services Tax and sgst is abbreviated as State Goods and Services Tax.
If the goods are to be transported from one place to another place then it is called as Integrated Goods and Services Tax which is called as IGST. But this reduces the cost of the products and goods in our country and reduces the chances of the corruption which is one of the major problem in our country.
GST means only one tax which means it is the combination of all the taxes into one tax and reduces the price of the products. All the taxes are combines into one tax and are paid to the government . There are several taxes on the products like Services taxes, luxury taxes , entertainment taxes so all this taxes are combined into one tax called GST and is paid to the government.
Loading
GST which is known as Good and Services Tax was introduced in 1st july 2017. It is also nown as one nation one tax means only one tax is applied rather than service tax, vat, entertainment tax etc.
GST is of 3 typrs. these are CGST means central GST, SGST means state GST and IGST means interated GST. IGST is between states. 4 slab of GST system these are 5%, 8%, 12% and 18%. Mainly many things which are used in day to day life are free from GST like rice, wheat, sugar, dal etc. so that poor people can benefited from this. luxury materials are under 28% gst slab.
As it is a indirect tax this will give transparency in the indian economy. But problem is that many of shopkeeper and businessmen do not know about GST return as lac of technology. Anything which is newly applied has side effect which is short term but foe long term it is very very helpful. Really it is a good step towards new India.
Loading
India's hottest topic of today is GST. GST means Goods and Services Tax. A long time ago there were no taxes and later on there were few taxes namely service taxes. But currently before the evolution of GST there existed and still few exist a very new and different types of taxes which are to be paid by the common man apart from the MRP under the name of some random taxes.Due to this the common and middle class man who needs to afford basic needs to lead daily routine life is also not able to purchase the goods because of the random taxes.
GST, hence is divided into two services named CGST and SGST. CGST means Central Goods and Services Tax whereas SGST means State Goods and Services Tax. Both together comes under IGST, Integrated GST, which to be paid by the common man. When this GST is implemented then the common man has to pay the taxes only under the name of GST but not for any other random taxes. If any organisation or shop or company asks to pay for services other than GST then the person can file a case against him. This way of tax will benefit the supplier and even the customer to lead their day to day life with proper profit and with comfortable prices respectively.
The best solution for the fair profits and fare prices is to implement GST completely for all the products, goods and services. The petroleum prices are revised daily which are of no use for a common man. This would be eradicated when GST is implemented on petroleum.Present day only the petroleum prices are not imposed by GST. Rest of the other goods and products apart from petroleum are under GST. Impose GST, make world BETTER and BEST.
Show Full Essay
Loading
goods and service tax is abbreviated as GST ,one nation ,one tax system. It is very good step taken by our government of India to make a developed country. GST is divided into two state goods and service tax that is abbreviated as SGST and central goods and service tax which is abbreviated as CGST. Transport of goods comes under interagted goods and service tax which is abbreviated as IGST.
IGST is integrated of both SGST and CGST. GST reduce the corruption in our country and it also helps the common people because the can pay single tax from now. It also reduce the cost of goods and products like shampoo,soap,kajal etc .GST is single tax which combines all the taxes like service taxes,luxury taxes,entertainment taxes, vat taxes ect. As it is digitalized payment reduces the corruption and taxes are directly paid to the government. As we are the citizen of India we should know the advantage of GST and cooperate with the government to make it succesfull in our country.
The government of India has taken a very good step by reducing the taxes and making one tax system .I would like to conclude the it is very good step taken by government to make one nation .
Loading
GST is abreivated as Goods and Service Tax. This is the type of tax introduced by Indian Government. It was introduced on 1st July,2017. The main aim of this tax is to reduce black marketing and make easy for the business people to analyse tax.
There are mainly three taxes in GST. Among them first one is Central Goods and Service Tax (CGST), second one is State Goods and Service Tax (SGST), and third one is Integrated Goods and Service Tax. CGST is the tax given by Central Government, SGST is given by State Government and IGST is given by Central Government and then it is divided between two states. There a four slabs in GST system. They are 5%, 12%, 18%, 28%. These slabs are divided based on the how essential the goods are? For frequently used goods like food items, daily needs we are having low percent taxes and for luxary good like cars, Air Conditionars and so on.
Without GST, we have pay many taxes like VAT, goods, service, excise duty tax, additional excise duty tax, transportation tax and so on. so with GST, all these taxes combined. It's enough to pay tax to retailer when we are buying the goods.
By introducing this GST as a revolutionary tax to combine all the taxes and rules of all the states. By this tax became ONE TAX ONE NATION. Because of this Unity in Diversity will exist in our country.
Loading
GST means Goods and Service tax. It was implemented for equal taxes on goods.
GST is abreivated as Goods and Service Tax. This is the type of tax introduced by Indian Government. It was introduced on 1st July,2017. The main aim of this tax is to reduce black marketing and make easy for the business people to analyse tax.
There are mainly three taxes in GST. Among them first one is Central Goods and Service Tax (CGST), second one is State Goods and Service Tax (SGST), and third one is Integrated Goods and Service Tax. CGST is the tax given by Central Government, SGST is given by State Government and IGST is given by Central Government and then it is divided between two states. There a four slabs in GST system. They are 5%, 12%, 18%, 28%. These slabs are divided based on the how essential the goods are? For frequently used goods like food items, daily needs we are having low percent taxes and for luxary good like cars, Air Conditionars and so on.
Without GST, we have pay many taxes like VAT, goods, service, excise duty tax, additional excise duty tax, transportation tax and so on. so with GST, all these taxes combined. It's enough to pay tax to retailer when we are buying the goods.
By introducing this GST as a revolutionary tax to combine all the taxes and rules of all the states. By this tax became ONE TAX ONE NATION. Because of this Unity in Diversity will exist in our country
Loading
GST (Goods and Services Tax) is a multistage,comprehensive,destination based tax levied on final consumption.
Bringing GST has been a major step of this government to reduce the burden of taxes on every step.
GST introduction would reduce or for say atlast would bring down the cascadding effect of taxes. Now from the one who produces raw material to the last seller and can claim input credit. The burden of taxes on taxes would reduce and with it would reduce the final price for consumer. GST is destionation based tax system i.e if the raw material is produced in rajastahn for example and sold in karnatka,the taxes would be collected by karnatka government.so in a way GST is a One nation, One tax system.
Loading