GST Assignment 6th semister
GST Overview & Benefits.
Mohammed Abdul Majid
GST meaning, Components, Objectives& Advantages.
GST stands for Goods and Services Tax, which is a value-added tax system that is levied on the supply of goods and services in India. It is a comprehensive tax system that has replaced various indirect taxes such as central excise duty, service tax, state-level VAT, etc. Here are the components, objectives, and advantages of GST:
Components of GST:
CGST (Central Goods and Services Tax): This is levied by the Central Government on intra-state supply of goods and services.
SGST (State Goods and Services Tax): This is levied by the State Government on intra-state supply of goods and services.
IGST (Integrated Goods and Services Tax): This is levied by the Central Government on inter-state supply of goods and services.
Objectives of GST:
To simplify the indirect tax system: GST aims to simplify the indirect tax system by replacing multiple taxes with a single tax.
To create a common market: GST aims to create a common market by removing the barriers to inter-state trade.
To eliminate the cascading effect of taxes: GST aims to eliminate the cascading effect of taxes by providing input tax credit.
Advantages of GST:
Reduced tax burden: GST has reduced the overall tax burden on the end consumer by eliminating the cascading effect of taxes.
Easy compliance: GST has simplified the compliance process by providing a single registration and a unified tax system.
Boost to the economy: GST has given a boost to the economy by creating a common market and promoting ease of doing business.
Increased revenue: GST has increased the tax revenue of the government by widening the tax base and reducing tax evasion.
Transparency: GST has brought transparency to the tax system by providing a single tax rate and reducing the scope for discretion.
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