Essay On Goods and Service Tax (GST) In English - 1700 in words
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Essay on GST (GST Essay in English) Introduction
GST means Goods and Service Tax. It is a Goods and Services Tax. Goods means goods, i.e. TVs, beds, clothes etc. Various types of services which are taxable are mobile network, banking etc. There are two types of taxes which are direct and indirect tax, i.e. direct and indirect tax. Direct tax in the country is paid by those who do jobs. Indirect tax i.e. indirect tax has to be paid by all people for goods and services. Everyone buys and uses services. According to this, they have to pay this tax i.e. tax. The implementation of this tax has been done in India on July 1, 2017. This tax is collected from the point of view of consumption. This is in contrast to the collection from the point of origin like the previous taxes. Other than this, This tax is applied in the production process. Refunds are for all parties at various stages of production. GST includes almost all indirect taxes. GST is a tax that is added to every value. It is a comprehensive and multi-level tax i.e. multilevel tax. It is a tax that is levied on every goods and services in the country. This tax has been recognized in all the markets of the country. This GST tax is actually distributed to the specified goods and services in the tax departments like 0 percent, five percent, twelve percent, eighteen percent and twenty eight percent. GST is a uniform tax regime across the country, which makes the country one big market. Direct taxes in the country like income tax, Corporate taxes etc. are not affected by GST. The Union Finance Minister and the State Finance Minister also follow all the rules and set the rates of GST tax. Along with the tax on goods and services in the country, the same tax is levied on the import of goods from abroad.
Definition of GST in simple words
Any product or item goes through several stages from the beginning of manufacture to the final stage. It is important to understand all the steps in the subject. The first step is to purchase the raw materials to make the product. The second stage is the manufacture of products. In the third stage, the storage of the products is arranged. Step Four: The product goes to the retailer. In the last stage the retailer sells the remaining goods to the customers. The tax rates are prepared by the GST Council along with the rules. Many indirect taxes through both the Center and the state are replaced by GST. As a result, the tax pressure is reduced. Tax means the cascading of tax ends. Most of the taxes were under 26/5 per cent tax before GST. Under eighteen per cent tax after the introduction of GST, That is, comes within the limit. Cascading tax effect refers to tax on tax. The GST tax eliminates these cascading effects. This is because GST is a comprehensive indirect tax. Petroleum products, alcoholic beverages and electricity do not come under the purview of GST. Rough precious stones have a special rate of 0/25%. Gold also carries a special rate of 3%. GST has certainly levied a number of taxes and fees. This includes Central Excise Duty, Service Tax and Additional Customs Duty. The GST regime has abolished levy. Simultaneously, these levies were applicable on inter-state transport of goods. GST is applicable on all transactions. These are all transactions, sales, purchases, transfers and imports. Alcoholic beverages and electricity are not covered under GST. Rough precious stones have a special rate of 0/25%. Gold also carries a special rate of 3%. GST has certainly levied a number of taxes and fees. This includes Central Excise Duty, Service Tax and Additional Customs Duty. The GST regime has abolished levy. Simultaneously, these levies were applicable on inter-state transport of goods. GST is applicable on all transactions. These are all transactions, sales, purchases, transfers and imports. Alcoholic beverages and electricity are not covered under GST. Rough precious stones have a special rate of 0/25%. Gold also carries a special rate of 3%. GST has certainly levied a number of taxes and fees. This includes Central Excise Duty, Service Tax and Additional Customs Duty. The GST regime has abolished levy. Simultaneously, these levies were applicable on inter-state transport of goods. GST is applicable on all transactions. These are all transactions, sales, purchases, transfers and imports.
How does GST work?
GST is levied at the stage of all necessary processes. The price is paid through the manufacturer, the wholesaler and the consumer. All these registered dealers charge GST tax. But he does not keep this money. They pay its tax back to the government of the country along with the challan and then demand credit. In the last step, the customer has to bear the tax burden. Lastly, the customer has to pay the cost of GST on the services purchased.
Power of GST
This GST eliminates the cascading of tax at various levels and makes the goods available to the dealers at a lower price. GST provides employment opportunities in sectors like accounts and banks. The country needed a better and better Goods and Services Tax, which GST has solved. Keeps our country at a good level in the international level and market. It is expected that this tax will contribute to the growth of the service industry sector and the economy of the country. As we know, when business is done, then there is a tax on the sale of products and services. These were different taxes, but after the introduction of GST, all the taxes were abolished. Suppose if a company manufactures clothes, then it needs raw material for it, then it will pay tax on it. Will pay tax again from buying raw material to making it in factory, Then there will be tax on the sale. By adding all these taxes, a new price will be formed. GST tax has abolished this system of tax. This means the tax is reduced. But this is not possible in every field. After the introduction of GST, the price of any product and service has gone up and some have come down. Hence the tax rates of GST have been fixed.
Different Types of GST Central Goods Service Tax
This tax is for the transaction of products and services with the state government. This tax is levied through the central government. It replaces other central taxes, such as tax on central goods, central sales tax, customs duty. This tax is called CGST.
state goods and services tax
It is called SGST in English. This GST tax is levied on various types of products and services that are produced in the states. This is the second GST to be levied on the state's products and services. Such GST is levied in place of luxury tax, entry tax and entertainment tax.
Integrated Goods and Services (Service Tax)
Let us tell you that taxes like CGST and SGST are levied on goods and services within the states. But IGST stands for levying of GST on products and services between two states. IGST tax is levied and collected by the Central Government. After this, the reimbursement is made to the states.
There are some union territories of the country like Andaman and Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Chandigarh and Lakshadweep. This type of GST tax is levied on the products and services of these union territories. This GST is not issued in other states. This is because it requires a legislature. SGST is applicable in only two union territories i.e. Delhi and Pondicherry. This is because they have a legislature.
History of GST
In the year 1999, GST was introduced in the government of former Prime Minister Atal Bihari Bajpayee. This committee was established by Vajpayee ji through Finance Minister of West Bengal Asim Dasgupta. The purpose of this committee was to create a GST model. But then it was not released. It was created and implemented in July 2017 under the leadership of BJP government.
From the point of view of Central Government and State Government
Compliance with the orders of GST will be less as compared to the present tax process. This will relieve the hassles of registration both at the central and state level.
from the point of view of business and industry
The business world is always waiting for what the GST Council has to say about the tariff of goods. This will intensify the environment of competition in many industries of the business world.
Impact of GST on Consumers
GST is the last indirect tax to be paid by the customers. This will also benefit the customers. The price rate of goods and services will come down. But this has not happened in all areas.
Some people's perception about GST
GST is good for tax generation and distribution system. But according to some researchers, it will have a wrong effect on the real estate market of the country. Some experts believe that CGST, SGST etc are just different names of GST. This will not make any difference from the tax point of view in many places in certain ways. It will get more competition in the country's market than before. This will be seen in the industry. Some people have made aware about the many disadvantages of GST. It is not very profitable from the point of view of the industry.
GST has had a positive impact in many sectors. This is an important step of the BJP government, which will further improve the country's economy and business world. GST tax increases the tax burden of the customers. GST reduces the pressure of cascading. In the GST process, all taxes are brought together and distributed equally. This greatly reduces the pressure of assessment. Many people will benefit from GST. This will bring down the prices. Companies will get help from GST. The objective of GST is to bring uniform tax system across India. GST helps in reducing state and central tax from different dealers. So this was the Essay on GST, I hope you liked the essay written in English on GST (Hindi Essay On GST) . If you liked this article, then share this article with everyone.