One Year Of GST

What is GST?

  • It is an indirect tax which has replaced many indirect taxes in India there by eliminating the cascading effect.
  • GST Law in India is comprehensive, multi – staged, destination – based tax that is levied on every value addition.

History of GST?

Components of GST:

GSTCOLLECTED BYTRADE BETWEEN
IGST
Central Government
2 Different State
CGST
Central Government
Within the state
SGST
State Government
Within the state

One Year of her contribution

  • It has eliminated the cascading effect on sale of goods and services.
  • It is the right steps towards expanding tax – GDP ratio
  • Has brought even more transparency in our system, by introducing e -way bill, which makes tax evasion impossible.

Concerns:

The Multiple – tax rates for different products needs to be re-vamp because the services are even costlier.

Conclusion:

In Other countries, implementation of such high scale magnitude reform has caused inflation, but there is no such issue in India. India is capable of handling such high magnitude reforms.

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