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GST Full Information About GST

​GST Information about GST

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Taxes is very complex in India. There are so manytypes of taxes that are levied by the Central and State Governments on Goods & Services.We have to pay ‘Entertainment Tax’ for watching a movie. We have to pay Value Added Tax (VAT) on purchasing goods & services. And there are Excise duties, Import Duties, Luxury Tax, Central Sales Tax, Service Tax…. As of today some of these taxes are levied by the Central Government and some are by the State governments. How nice will it be if there is only one unified tax rate instead of all these taxes?In this post, let us understand – what is Goods and Services Tax and its importance. 
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What are the benefits of GST Bill to Corporates, common man and end consumer?  What are the advantages, disadvantages and challenges?What is GST?It has been long pending issue to streamline all the different types of indirect taxes and implement a “single taxation” system. This system is called as GST( GST is the abbreviated form of Goods & Services Tax). The main expectation from this system is to abolish all indirect taxes and only GST would be levied. As the name suggests, the GST will be levied both onGoods and Services.GST was first introduced during 2007-08 budget session. On 17thDecember 2014, the current Union Cabinet ministry approved the proposal for introduction GST Constitutional Amendment Bill. On 19thof December 2014, the bill was presentedon GST in Loksabha. The Bill will be tabled and taken up for discussion during the coming Budgetsession. The current central government is very determined to implement GST Constitutional Amendment Bill.

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GST is a tax that we need to pay on supply of goods & services. Any person, who is providing orsupplying goods and services is liable to charge GST.Goods and Services Tax (GST)is an upcoming system of taxation in India which will merge many individually applied taxes into a single tax. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016, following the passage of Constitution 122ndAmendment Bill. The GST is governed by GST Council and its Chairman is Union Finance Minister of India – Arun Jaitley.GST is a comprehensive indirect tax on manufacture, sale and consumption of goods andservices throughout India to replace taxes levied by the central and state governments.This method allows GST-registered businesses toclaim tax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity. Administrative responsibility would generally rest with a single authority to levy tax on goods and services. Exports would be considered as zero-rated supplyand imports would be levied the same taxes as domestic goods and services adhering to the destination principle in addition to the Customs Duty which will not be subsumed in the GST.Introduction of Goods and Services Tax (GST) is a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.
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Updated: May 20, 2017 — 6:12 pm

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