GST launch will propel the business & economic growth.
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GST Launch Will Propel The Business & Economic Growth
The Central Government is giving a clear cut idea of a 'one nation, one tax' rate dream. The Goods and Services Tax (GST) is a uniform indirect tax on goods and services across the country. GST will replace central taxes like central excise, service tax, additional duties of excise & customs, special additional duty of customs, besides cesses and surcharges, on supply of goods and services.
GST System CGST and SGST both will be charged on the manufacturing cost. These taxes collected at the point of sale.
Central Taxes GST would replace Central Excise Duty, Service Tax, Additional Duties of Excise & Customs, Special Additional Duty of Customs, and cesses and surcharges on supply of goods and services.
State Taxes GST would replace VAT, Central Sales Tax, Purchase Tax, Entry Tax, Entertainment Tax, taxes on advertisements, lotteries, betting and gambling, and state cesses and surcharges.
The main objectives of GST would be to eliminate excessive taxation. Central and state agencies often calculate taxes based not on the original cost of the product, but over and above the several layers of tax already levied on the product. This negatively affects the Gross Domestic Product of a nation.
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