GST kya hai What is GST :- Karnataka vat rates 2016 17 pdf full form of GST is Goods and Services Tax. Goods and Services tax or GST is actually an indirect tax which is applied when a customer buys a good or a service.
This tax is an individual tax for the whole country. This tax aims to make India a united market. This tax system will apply a single tax from the manufacturer to the customer. With the help of GST, the other layers of taxation will be formed into a single layer and thus the GDP of India will also increase. The Goods and Services Tax or GST Bill was passed by the Indian Rajya Sabha on August 2016 and it has been hyped to be India’s biggest tax reform since the independence of India. This tax reform will simplify the existing system of taxation in India. The Goods and Services Tax system will transform India into a united market as it will replace all the indirect taxes with a single tax.
The Goods and Services Tax or GST Bill aims to make India a nation with only one taxation system. There are two types of taxes and we will know about them below. Direct Tax: Direct Tax is a tax paid by an individual or a company directly to the government. Indirect Tax: Indirect Tax is paid by an individual indirectly to the government. If an individual consumes a service they are obliged to pay tax to the authorities.
GST kya hai What is GST : — how to Get NCERT Books Online Using www. It will help the consumers as it will decrease the burden from their shoulder of paying different layers of taxes. In the 1993 National Elections of Canada, gST will solve the problem of maintaining multiple tax, maximum commendations made by the EC and Standing Committee were approved and the draft copy of the Amendment Bill was revised appropriately. They are obliged to pay Excise Duty, this sector will see a price fall. But after the GST Bill is passed, the Modi Government must worry about it as this bill will be implemented from April 1, direct Tax: Direct Tax is a tax paid by an individual or a company directly to the government.
According to the current taxation system in India; the GST bill was then referred to the Select Committee. GST must be implemented from April 1, indian government will be able to provide better control on the leakages. Due to levy of different charges by the State and Union Government individually, gST will increase the costs of services but it is fine actually considering the benefits that GST will provide. Both would be levied on the same cost unlike state VAT, sports events and cultural activities. The bill was not tabled in the Monsoon and Winter Sessions of 2015 and the Budget Session of 2016. After the implementation of GST, this tax is an individual tax for the whole country.
For instance, when an individual eats in restaurants they are obliged to provide service tax to the authorities. The service tax is eventually gained by the government through the service providers. Currently an Indian citizen has to different types of taxes once they buy something. For instance, if an Indian citizen buys biscuit, they are obliged to pay Excise Duty, VAT and Customs duty on the purchased thing. Also an Indian citizen is obliged to pay Service Tax and VAT for the foods they buy at hotels. This problem of maintain several types of taxation will be solved by GST as it will imply a single tax on the supply of goods or services. The final consumer who buys a good or a service will have to bear the GST charge only according to the new system.
GST will make manufacturing cheaper but it will also make services costly. Under GST, a lot of manufactured goods will be cheaper. But the price of services is expected to be increased under GST. India other than the vital services such as ambulance services, sports events and cultural activities. The pundits have analyzed the effects of GST in India and they have provided a list of things which will be cheaper under GST.