Saturday, 13 August 2016

what is GST Bill in India


What is GST Bill in INdia

I think you all had heard about the GST Bill which is in news from last many days. 

But What is GST Bill in India and how it will effect the Economy.

GST means Goods and services Tax

This is a Type of tax which evades all other indirect taxes in India. This clearly means that you have to pay only one Indirect Tax in India.

Many economist suppose that after the application of GST the GDP of India will be raise up to 2-3%. This will really make a significant change in economy. 

what is GST Bill ?
GST means a comprehensive Indirect Tax on Sellers and manufacturers. This will apply on Sell and purchase of goods n services in India. This will replace all other types of Indirect taxes levied by the Central and state Government. 

Like Excise Duty, Entertainment Tax, VAT, CVAT, Service Tax etc. 
GST will be applicable and collected at every point of service, sale, and purchase of Products on the basis of input tax.

GST bill in India is a type of tax which supersedes all other Indirect Taxes stated as above. 

GST Bill will gives a comfort of paying only a single tax. This also getting the input tax credits of what earlier paid on the the same. By this it will save tax on tax.

There are many advantages and disadvantages of GST . but the main benefit of it is the relief and peace of mind which gives you more business and more revenue. A Big Demerit of GST will be hike in prices of some services and goods.

This kind of Tax system is already adopted by the major developed countries. I also personally think that there must not be too many type of Taxes. 

GST Bill has already approved from Rajya-sabha and Lok-sabha and now it is in to the process of approval of gst Bill from states.

I believe that GST bill in India will give a boom to economy and there will be more business and more jobs. 

Also Read and Comment Below
Benefits of GST on tax payers 
Latest Updates on GST Bill In India

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