Essay on goods and service tax in 250 words

A just and viable tax regime is vital for the sustainable economic growth and fiscal consolidation of any economy in the world. August 28, 3. research paper services sample outline Sample Letter for Descriptive Exam Jul 20 5 upvotes. It will also help to build a transparent and corruption-free tax administration.

The main purpose to impose this tax is to widen the tax base by lowering the tax rates. Whether the Government machinery is efficient enough for such an enormous change? It will promote more exports, create more employment opportunities and boost growth.

Essay on goods and service tax in 250 words cv writing services usa fort worth tx

As GST bill has been passed in parliament, it is likely to be implemented from 1st July The main purpose to impose this tax is to widen the tax base by lowering the tax rates. In previous tax system, the tax was levied on goods at each stage of the production process up to the point of being sold to the final consumer. Overall, GST will benefit our economy in the longer run. This assumes a greater importance in a developing economy like India where although we have a high demographic dividend, we are yet to convert it to the proportionate human capital, which will in turn benefit the social and economic growth of the country.

In the GST system, when all the taxes are integrated, it would make possible the taxation burden to be split equitably between manufacturing and services. The GST is a consolidated tax based on a uniform rate of tax fixed for both goods and services. It is nd amendment in the constitution and the slogan was- one country one tax. The final consume will thus bear only the GST charged by the last dealer in the supply chain with set-off benefits at all the previous stages. I want a free account.

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The division of powers is such that the Central Government holds Direct taxes are progressive taxes as they are contingent on the ability of the taxpayer to pay. It will also help to build a transparent and corruption-free tax administration.

It will promote more exports, create more employment opportunities and boost growth. Whether the Government machinery is efficient enough for such an enormous change? Credits of input taxes paid at each stage will be available in the subsequent stage of value addition , which makes GST essentially a tax only on value addition at each stage.

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Introduction of a GST is very much essential in the emerging environment of the Indian economy. The tax-GDP ratio of a country is an important indicator that helps understand how much tax revenue is being collected by the government as compared to the overall size of the economy and unfortunately, this ratio is a dismal low for India despite having years of high growth, the lowest in BRICS countries. Direct taxes are progressive taxes as they are contingent on the ability of the taxpayer to pay.

In previous tax system, the tax was levied on goods at each stage of the production process up to the point of being sold to the final consumer. This in turn also constitutes high compliance cost for the taxpayers disadvantageous to economic growth of a country. Whether the tax-payers are ready for such a change?

GST — Goods and service tax was in news from last two years, since Kelkar committee reports on financial reforms. I want a free account. Whether the tax-payers are ready for such a change? This in turn also constitutes high compliance cost for the taxpayers disadvantageous to economic growth of a country. Also, the variety of VAT tax laws in the country with disparate tax rates and dissimilar tax practices divides the country into separate economic spheres thereby creating tariff and non tariff barriers thereby hindering the free flow of trade in the country.


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