Essay on Goods and Services Tax (GST) - Creative Essay.
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Conclusion of GST. Implementation of GST is one of the best decision taken by the Indian government. For the same reason, July 1 was celebrated as Financial Independence day in India when all the Members of Parliament attended the function in Parliament House. The transition to the GST regime which is accepted by 159 countries would not be easy.
A complete Analysis on GST - Latest Edition. GST is the biggest Tax reform India has ever seen since Independence. As per the report by World Bank, the Indian GST system is amongst the most complex in the world. This essentiates the simplified and yet comprehensive understanding of this complex law so that all the interpretations and compliances are known and properly fulfilled by the assessee.
The GST also represents a historic opportunity to Make in India by Making One India. Eliminating all taxes on inter-State trade (including the 1percent additional duty) and replacing them byone GST will becritical to achieving this objective.
The system allows the set-off of GST paid on the procurement of goods and services against the GST which is payable on the supply of goods or services. However, the end consumer bears this tax as he is the last person in the supply chain. Experts say that GST is likely to improve tax collections and boost India’s economic development by breaking tax barriers between States and integrating.
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