GST: A step towards” Make In India”
GST, The Goods and Services Tax is the bill whose journey started in 2007-08 as “The Constitutional 122nd Amendment Bill”. Its assumed that it will get a statutory form or may get implemented in 2017-18. It is the progressive approach of legislature towards the reform of Indirect tax structure. It will provide transparency and reduce the burden of understanding the complex taxation structure, for the entrepreneurs as well as the consumers. It is not only helpful to make taxation system easy but it will also help in increase of GDP, reducing in compliance due to non-requirement of multiple registrations, minimize the interpretational issues and help the Indian economy.
GST is a value added tax to be levied on both goods and services (except for a list of exempted goods and services), at both the centre and state level. For example: Today we buy anything or goods, we pay VAT, Excise duty and manufacturing cost of the good. Whereas after implementation of GST it will cost a specific percentage of GST which includes the excise tax and lower down the cost of the product for consumer. The following taxes will be subsumed under GST:
- Central Excise Duty
- Additional Excise Duties
- Service Tax
- Additional Custom Duty (CVD)
- Special Additional Duty of Custom (SAD) etc.
- Sales Tax
- Entertainment Tax
- Octroi and Entry Tax
- Purchase Tax and Luxury Tax
- Central Sale Tax and etc.
This tax will be helpful for the layman as well as it’s the biggest reform in India. As It will bring changes as follow:
- Multiple taxes on a product or service will be eliminated. This will make the tax system easier and simpler for everyone. It will reduce paperwork which will follow the cost effectiveness and time saving trends.
- A report by CRISIL (it’s a global analytical company) sates that GST is the India’s best bet to achieve fiscal consolidation. As a developing country India has no scope of reduction of Governmental expenditures, GST will provide an alternative to increase revenue through change in tax system.
- The goods and services will be taxed on common basis, which will boost the consumption of goods and services. It will help the economy and market at domestic as well as international level.
- GST will also provide change in registration system. There will be a different system for the different categories as provided in the GST bill. The registration will be PAN based. In present, due to multiple taxes there is requirement of multiple registrations.
Thus, GST is an anticipation of “acchay din”, ahead. India will become a single market once GST is introduced, can be imagined by the words of Mr. Krish Iyer, president & CEO of Wall Mart Stores Inc India, as “ A WIN- WIN LEGISLATIVE REFORM FOR ALL”. GST will bring new era of change to the way business is done in India.
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