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gst What is GST bill and how it impacts on common man
Indirect Tax system is highly complicated in India because there are various types of taxes that are charged by the Central and State Governments on Goods and Services. These taxes include Entertainment Tax for watching film, Value Added Tax (VAT) for purchasing goods & services by consumer. Other taxes are excise duties, Import Duties, Luxury Tax, Central Sales Tax, Entry tax, and Service Tax.
Businessmen have to maintain accounts which need to obey with all the applicable laws.
Many experts have suggested that to resolve the issues of different types of taxes, there is a need issue to streamline all indirect taxes and implement a "single taxation" system. This system is entitled as Goods and Services Tax, abbreviated as GST. The GST will be levied both on Goods and Services.
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Home » Current Affairs » Articles » What is GST bill and how it impacts on common man
What is GST bill and how it impacts on common man
Indirect Tax system is highly complicated in India because there are various types of taxes that are charged by the Central and State Governments on Goods and Services. These taxes include Entertainment Tax for watching film, Value Added Tax (VAT) for purchasing goods & services by consumer. Other taxes are excise duties, Import Duties, Luxury Tax, Central Sales Tax, Entry tax, and Service Tax.
Businessmen have to maintain accounts which need to obey with all the applicable laws.
Many experts have suggested that to resolve the issues of different types of taxes, there is a need issue to streamline all indirect taxes and implement a "single taxation" system. This system is entitled as Goods and Services Tax, abbreviated as GST. The GST will be levied both on Goods and Services.
Earlier, GST was introduced during 2007-08 budget session. On 17th December 2014, the current Union Cabinet ministry permitted the proposal for introduction GST Constitutional Amendment Bill. On 19th of December 2014, the bill was offered on GST in Loksabha. The Bill is presented in Budget session.
In simple term, GST is a tax that people need to pay on supply of goods & services. Any person, who is providing or supplying goods and services is responsible to charge GST. GST is the huge reform in indirect tax structure in Indian financial scenario since the economy originated to be opened up 25 years ago, at last looks set to become reality. The Constitution (122nd) Amendment Bill introduced in Rajya Sabha recently, on the back of a broad political agreement and heightened by the good aspirations of the Congress. Goods and Services Tax Reform was passed in Rajya Sabha and it will be set to bring in lok Sabha.
The proposed model of GST and the rate:
A dual GST system is scheduled to be implemented in India as proposed by the Empowered Committee under which the GST will be divided into two parts:
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