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:
|GST||COLLECTED BY||TRADE BETWEEN|
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.
The Multiple – tax rates for different products needs to be re-vamp because the services are even costlier.
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.