Essay on GST
Let’s start the essay on gst…
Outline of the Essay
- Introduction- GST
- The key feature
- Objective and conclusion
GST stands for goods and services tax which could be also referred to as an indirect tax, levied on the supply of goods and services. It is applied at every step of the production process. It is the government of India who levies this tax. Well, GST came into effect from 1st July 2017 by one hundred and first amendment of the constitution of India.
The key feature of this system of tax is it follows a uniform tax rule for specific products, throughout India. It has replaced all the other forms of indirect state or central taxes, enhancing the uniformity of the market.
The GST council of India is a governing body, it formulates the tax rates, and works with other similar regulations. It consists of a central finance minister as well as the finance minister of the states.
Before GST, the goods were charged with 26.5% of tax (including all kinds of taxes), now it has gotten down to almost 18%.
The tax that is systematized by the GST is that it is paid by everyone at the ends of procedures that are into the manufacturing of a product. It is hence subsequently paid by manufacturers, wholesalers, retailers, etc. It is, in the end, the consumer that has to pay the burden of all taxes. He /she bears the final burden of the taxes.
Objective and Conclusion
The main objective behind bringing GST- Goods and Services Tax into the system was to make the whole Indian market a uniform one. It has reduced the unnecessary tax burdens of different state and central taxes, and similarly, it is likely to appear as a more transparent system.
Also by bringing small and medium enterprises, and other forms of organized sectors, GST leads to a more stable Indian industrial sector and might improve the economy.
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