Essay writing on goods and service tax
From: Ryan G.
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As we can say this from the name. So ingredients are Goods Tax and Service Tax. It is regressive in nature discussed later. But due to some uncertainty Look Sabha passed the bill on 29th March However, France was the first country to implement GST in Within 60 years of its arrival, approximately, countries across the world adopted the GST.
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Home » Knowledge Base. The GST Bill was discussed in length in Parliament in order to end the prevailing taxation system of imposing various indirect taxes and implement a new system in which most of these taxes will be covered under one umbrella. In order to understand the features and objectives of GST Act, first we need to take a quick look on the previous taxation system. Previously taxes were charged on every stage viz. These taxes get accumulated with the original price as the input credit for the tax already paid is not available to the consumers. This cascading effect of tax i. These taxes were imposed by the Centre and state differently according to the Lists in The Constitution of India.
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GST is a kind of tax that was implemented in India on 1 July This tax is considered as a major reform of the Indian tax system after independence. Since its implementation, GST has been a controversial tax in the context of the Indian tax system. When the government makes some major changes in an existing system then few people may like it and other few may not like it.
First, we will understand what is taxation? The government imposes some compulsory levies on an individual or establishments which are known as taxes. Taxes are a vital source of government earning, and all the taxpayers need to understand the purpose of taxation. The purpose of taxation is widely classified into three parts, i. Four significant purposes of taxation are listed here according to various economists- revenue, re-pricing, redistribution, and representation.
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