essay Goods and service Tax meet its objectives ssc chsl tier 2
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essay Goods and service Tax meet its objectives ssc chsl tier 2
essay Goods and service Tax meet its objectives ssc chsl tier 2
The goods and services tax is a destination-based tax on the consumption of goods and services. It is levied at all stages right the manufacture to the final consumption with credit of taxes paid at previous stages available as setoff. GST subsumed several then existing central and state taxes like central excise duty, VAT, etc.
GST was introduced by the 101st constitutional amendment on 1st July 2017. Around 160 countries have GST in one form or the other. France was the first country to implement it. India, owing to its federal structure, has dual GST: Central GST and state GST, just like in Canada.
GST has led to tax buoyancy and increased tax compliance by bringing several businesses under the tax net. The GST revenue collection for the fiscal year 2019-20 was ?1222131 crore. It has also eliminated tax evasion. Moreover, it brought down the turnaround time for the transportation of goods by dismantling the barriers and check posts on state borders, thus increasing the efficiency.
This led to the emergence of a truly national market. Although GST was the single biggest tax reform post-independence, there is still a long road ahead for....To continue read this topic click here