We have written this mainly for school and junior college level students. As and when a new reform or bill comes and a new law is imposed, it surely leaves its impact especially on the common man. help with argumentative essay sample outline Brilliant speech, it helped me in my competition.. According to the GST bill, all the complex and multiple indirect taxes were replaced by one ultimate tax which is GST. The Bill is presented in Budget session.
It would be much easier to manage by everyone. Besides benefits, there are several challenges in implementing GST bill. best essay website jawaharlal nehru In additional t that previous tax system was complex so small businesses used to ignore it.
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Government is not spreading awareness about it. Very good written bt having some mistake like there are 3 types of gsts bt u hv given 4 names. The Constitution nd Amendment Bill introduced in Rajya Sabha recently, on the back of a broad political agreement and heightened by the good aspirations of the Congress. Why is it good for common man?
If this essay or speech helped you in any way then you can give us good rating, it motivates us to work harder for you guys. GST will cut the number of taxes under the current system like VAT, excise duty, service tax, sale tax, entertainment tax, luxury tax. It is 1am now and I am having an extempore at 6 am. GST is the huge reform in indirect tax structure in Indian financial scenario since the economy originated to be opened up 25 years ago, at last looks set to become reality.
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Integration of existing multiple taxes into single GST will considerably lessen cost of tax compliance and transaction cost. So now people and businesses have to pay only one type of Tax which is GST. help on essay writing job interviews A cascaded tax is a type of turnover tax with each successive transfer being taxed inclusive of any previous cascade taxes being levied this creates a burden of taxes on the end user. Written by pinterview-admin View all posts by: Earlier, GST was introduced during budget session.
GST is a newly introduced tax system in India. As every coin has two sides, even The GST has its own set of drawbacks and disadvantages. letter writing service But it depends on rate fixed on the GST. With consumers having more money in their pockets, the GDP is set to increase.
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But this tax reform shows that Indian government and its citizens are ready to take big steps for the betterment of the nation. In new emerging industries, such as ecommerce, it is difficult to distinguish between products and services. It is assessed that since GST substitutes many flowing taxes, the common man may get benefit after implementation.
To sum up facts, the GST is an indirect tax which entails that the tax is approved till the last stage where it is the purchaser of the goods and services who bears the tax. In some countries,VAT is the substitute for GST,but conceptually it is a destination based tax levied on consumption of goods and services. Did You Like This Article? It can be levied on following: We are glad that it helped you….
States will suffer huge loss with implementation of GST as they will lose price advantage for common commodities available nationwide. GST is also advantageous for companies. The anti-profiteering clause has been inserted in the GST Act to protect the interest of the consumers. Goods and Services Tax Essay is the latest topic for any competitive exam. The government still revising the tax brackets, businesses still not able to understand the process which was claimed to be simpler than earlier system.