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| A Paragraph on GST: Essay on GST (100, 200, 250, 300 Words) in English |
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Paragraph on GST Details
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GST |
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Paragraph on GST or Essay on GST |
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English |
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Students of any Class 1-12 |
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Text |
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Paragraph on GST in 100-150 Words / Essay on GST in 100 Words
Students can find below a paragraph of GST in 100-150 words or essay on GST in 100 words:
Goods and Services Tax (GST) is a tax on goods and services sold domestically for consumption paid by consumers. It is one of the indirect federal sales taxes applied to the cost of specific goods and services.
GST is added to the product’s price and is paid by the consumer who buys the product and sales price and GST. There are two types of GST systems: A unified GST system and a dual GST system.
GST was first introduced in France in 1954, and then it was implemented in more than 160 countries. GST system was implemented in India on 1st July 2017, the most significant reform in the Country’s Tax structure in decades.
India implemented a dual GST structure. The main objective was to eliminate tax on tax. Implementation of GST is also helpful in the reduction of corruption and is a transparent tax system.
Paragraph on GST in 200-250 Words / Essay on GST in 200 Words
Students can find below a paragraph of GST in 200-250 words or essay on GST in 200 words:
The GST is the multistage, indirect tax that is implemented to remove other indirect taxes from the country. Payers now have to pay a single tax instead of paying multiple taxes. The GST is categorized as CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), IGST (Integrated Goods and Services Tax), and UGST (Union Territory Goods and Services Tax). The revenue collected through GST is equally shared between central and state governments.
Origin of GST
Atal Bihari Vajpayee, former Prime Minister of India has put forward the idea of GST implementation in India. He is also known as the father of GST in India. The process of implementing this tax was started in the year 2000. However, due to various oppositions and difficulties, the implementing dates were postponed. Finally, GST in India came into existence on the midnight of 1 July 2017.
Some Key Features of GST
- GST is a destination tax not an origin tax like that existed before.
- GST is not applied to the manufacturing of goods instead it is applied to the supply of goods.
- Taxpayers with turnover above 20 lakhsare free from GST.
- High rates are applied on luxurious items whereas low rates on daily needs.
GSTN (Goods and Services Tax Network)
It is a non-profit organization completely owned by the government. The GSTN portal can be used by the government to fetch the details of any taxpayers or related information. It holds the entire database of GST and is also used by taxpayers for various purposes.
Paragraph on GST in 300 Words / Essay on GST in 300-500 Words
Students can find below a paragraph of GST in 300-500 words or essay on GST in 300 words:
Goods and Services Tax (GST) refers to an indirect tax. The implementation of this tax is in India. The collection of this tax takes place from the point of consumption. This is in contrast to collection from the point of origin like previous taxes. Furthermore, this tax’s imposition is at every step in the production process. The refund is for all the parties in the various stages of production. Also, GST includes almost all indirect taxes.
Explanation of GST
First of all, Goods and Services Tax (GST) is a single tax system. The imposition of this tax takes place jointly by the center and the state. Furthermore, the imposition happens with the recommendation of a federal council.
In GST, the goods and services are divided into five different tax slabs. This is for the purpose of the tax collection. Above all, the tax slabs are – 0%, 5%, 12%, 18% and 28%. Also, petroleum products, alcoholic drinks, and electricity do not come under GST. Rough precious and semi-precious stones carry a special rate of 0.25%. Gold also carries a special rate of 3%.
GST certainly subsumed several taxes and levies. These include central excise duty, services tax, and additional customs duty. Furthermore, state-level VAT, surcharges, and Octroi also come under GST. The GST regime has done away with levies. Also, these levies were applicable to inter-state transportation of goods. Most noteworthy, the application of GST is on all transactions. These transactions are sale, purchase, transfer, lease, and import.
Benefits of GST
First of all, the cascading tax effect refers to a tax on tax. Most noteworthy, GST eliminates the cascading effects of Tax. This is because GST is a comprehensive indirect tax. It certainly brings almost all indirect taxation under one umbrella.
Another notable advantage of GST is the increase in the threshold for registration. Earlier, a VAT was applied if the turnover was more than Rs 5 lakh. This VAT’s application was upon a business. Furthermore, there was no service tax when turnover was less than Rs 10 lakh. In contrast, under GST this threshold is Rs 20 lakh. Hence, this means an exemption for many small traders and service providers.
Small businesses can certainly benefit significantly under GST. Furthermore, these small businesses have a turnover of Rs 20 to 75 lakh. The benefit of these small businesses takes place due to the composition scheme. Under GST, there is an option for small businesses to lower taxes. They can do so by utilizing the composition scheme.
The entire process of GST is available online. Most noteworthy, it is an easy and simple online process. Therefore, it is really beneficial for start-up businesses. This is because they don’t have to struggle to get different registrations.
In conclusion, GST has been a revolutionary tax system for India. Most noteworthy, many experts hail it as one of the biggest tax reforms. GST certainly is beneficial for the entire population of India.
Conclusion on Paragraph on GST in English
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Few Lines on Importance of GST??
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments.
The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states. The GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country's $2.4 trillion economy, but its implementation has received criticism. Positive outcomes of the GST includes the travel time in interstate movement, which dropped by 20%, because of disbanding of interstate check posts.
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