gst in india essay 150 words

Essay on GST

GST stands for Goods and Services Tax which is an indirect tax levied on the supply of goods and services. It is levied at every step of the production process i.e. on raw materials purchased by the manufacturer, on products sold to wholesaler by the manufacturer, on products sold to retailer by the whole seller and finally on the sale of product to the consumer. Goods and Services Tax is meant to be refunded to all the parties except the end consumer.

Long and Short Essay on GST in English

Below we have provided long and short essay on GST of varying word length, to improve your information about the Government’s new tax regime. The essays will be more useful to the school and college students, as well as the aspirants who are preparing for SSC (Staff Selection Commission), UPSC (Union Public Selection Commission) and other competitive exams.

Short Essay on GST and its Importance – Essay 1 (100 Words)

GST stands for the Goods and Services Tax, which is an indirect tax levied by the Government of India, on all the parties of a supply chain of goods and services. GST came into effect from 1 st July 2017, by One Hundred and First Amendment of the Constitution of India.

The most significant aspect of GST is that, it follows a uniform tax rule for specific products, throughout India. The GST is a uniform indirect tax which has replaced all central and state indirect taxes, treating whole of India as a single market. Goods and Services Tax (GST) is also levied on imported goods.

Short Essay on GST in India – Essay 2 (150 Words)

Goods and Services Tax, India is a uniform tax levied on goods and services, treating whole of India as one market. The tax came into effect from 1 st July 2017 and replaced the existing multi level central and state taxes. GST divides goods and services into five tax slabs – 0%, 5%, 12%, 18% and 28%. Though, products like petroleum products, alcohol and electricity, still follow the old tax regime.

The GST Council is the governing body which formulates the tax rates, along with the rules and regulations. It consists of the central finance minister as well as the finance minister of the states. GST replaces many indirect taxes levied by both central and state at various stages, resulting in a reduced tax burden, elimination of cascading of taxes and lower time loss. Before the GST, most of the goods were in the tax range of 26.5 %, but after GST, they have mostly fallen under the tax range of 18%.

Essay on Objectives of GST – Essay 3 (200 Words)

GST is an abbreviation for Goods and Services Tax, India. It is a uniform indirect tax, replacing various indirect taxes at different stages, levied before by both central and state governments. GST treats India as one big market following a uniform tax regime throughout the country, irrespective of states.

Though GST is charged by all the registered dealers in a supply chain (raw materials supplier, manufacturer, wholesaler, retailer, consumer), from the next customer, the ultimate burden of the tax is on the end customer i.e. the consumer. All the other dealers registered with GST act as intermediaries collecting GST from the consumer and passing it onto the government, getting tax credit in return. This tax credit is called “Input Tax Credit” and is placed against the GST charged by the dealer to the customer, to which he/she is supplying goods.

Any registered dealer is also eligible for tax refund if the input tax credit exceeds the output tax credit, as according to the provisions provided by law in this regard. Moreover, no GST credit could be claimed for the purchase of exempted goods. The GST is not levied on all types of vegetables, organic manure, contraceptives, printed books, stamp papers, agricultural equipments etc.

Essay on Use of GST in India – Essay 4 (250 Words)

Introduction

Goods and Services Tax in India, is a tax levied uniformly throughout India on the supply of goods and services as well as on the import of goods from foreign destinations. GST has divided particular goods and services under uniform tax slots, which initially varied from state to state. GST is an indirect Tax i.e. the dealers registered with GST act as intermediaries, collecting the tax from the end customer, which is the consumer, who ultimately bears the final burden of tax.

How GST Works

The basic mechanism of taxation under GST is that it is levied at every stage of the supply process. It is subsequently paid by the manufacturer, wholesaler, retailer and consumer. Though, the registered dealers (manufacturers, wholesalers and retailers) charge GST, they don’t keep the amount, rather pay it back to the government with a tax invoice and claim credit for the tax thus collected.

This leaves the end user i.e. the customer as the one who bears the final burden of tax. The end customer has to pay prescribed GST on the product purchased or on the services availed, without any provision of claiming the return or credit.

An uniform Goods and Services Tax replaces other central and state indirect taxes like – VAT (Value Added Tax), CENVAT (Central Value Added Tax), excise tax, customs tax, state excise tax etc. In a way, the GST has integrated the central and state taxation system into one uniform tax regime. In a layman’s term, the manufactures and suppliers of a particular product, now have to pay a uniform tax throughout India.

Essay on Meaning and Types of GST – Essay 5 (300 Words)

GST stands for Goods and Services Tax, India. It is a comprehensive tax levied by the government on the supply of goods and services. It is also an indirect tax, replacing other central and state levied indirect taxes. GST has brought the whole India under one tax regime, saving time and resulting in low tax burden.

Types of GST

There are basically four types of Goods and Services Taxes, as described below-

1) Central Goods and Services Tax (CGST)

CGST is the GST levied by the Central Government of India on the transaction of goods and services with a state or Union Territory. CGST replaces other central taxes like – Central Excise Duty, Central Sales Tax, Custom Duty and SAD (Special Additional Duty) Tax.

2) State Goods and Services Tax (SGST)

SGST is the GST levied by state on transactions of goods and services within the state. It is one of the two taxes levied within a state, other being the CGST. State GST replaces the state levied taxes – Value Added Tax, Luxury Tax, Entry Tax, Entertainment Tax etc. The revenue thus collected under the SGST is solely claimed by the respective state government.

3) Integrated Goods and Services Tax (IGST)

While CGST and SGST are the GST levied on intrastate (within the state) transactions of goods and services; IGST stands for the GST levied on the interstate (between two states) transaction of goods and services. However, IGST is collected by the central government and reimbursed later to the respective state.

4) Union Territories Goods and Services Tax (UTGST)

UTGST is the GST levied on the transaction of goods and services in these five Union Territories of India – Andaman and Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Chandigarh and Lakshadweep. Total GST levied in a Union Territory is the sum of CGST and UTGST. State GST isn’t applicable to UTs, as it would require a legislature. Union Territories of Delhi and Pondicherry rather have SGST, because they have their own legislature.

The main reason for GST is to bring whole India under one uniform tax regime. It has reduced the unnecessary tax burden of different state and central taxes, on the dealers and has made the goods cheaper for both the stakeholders and the consumer.

Essay on GST (History and Significance) – Essay 6 (400 words)

Goods and Services Tax, India abbreviated as GST is a tax based on the consumption of goods or services throughout India. GST is an indirect tax which has replaced the previous indirect taxes. Direct taxes like – income tax, corporate tax etc, are not affected by the GST.

Brief History of GST

Goods and Services Tax (GST) was proposed in 1999, in the government of the then Prime Minister of India, Atal Bihar Vajpayee. Further, a committee was setup by Prime Minister Vajpayee under the then Finance Minister of West Bengal, Asim Dasgupta to formulate a GST model. Since then, the GST could not be implemented, until recently on 1 st July 2017 by the NDA (National Democratic Alliance) government led by the BJP (Bhartiya Janata Party).

Significance/Importance of GST in India

Goods and Services Tax is an essential indirect tax reform in India. Before GST, India had many indirect taxes levied respectively by both central and state governments, resulting in high amount of taxes also requiring high amount of resources for their collection and maintaining records.

Integration of both central and state taxes into one, will forego many adversities of previous tax system i.e. multiple taxations, cascading, loss of time and resources etc. Besides, GST considers whole of India as one unified market, consequently promoting foreign investment.

By eliminating the cascading of tax at various levels, GST makes the goods cheaper for the registered dealers as well as the end consumer consequently leading to economic growth of the nation. India is a developing nation, still struggling with the issue of unemployment. GST is expected to create new employment opportunities in the field of taxation and accountancy along with vacancies in the manufacturing sector.

A centralized GST has resulted in elimination of various check posts during the interstate transportation of goods. The travel time of interstate goods transport vehicles, have reduced considerably by 20% due to the absence check posts. Also, the multi party involvement in GST will improve the compliance level.

GST will lead to a more transparent and corruption free taxation system. The GST is formulated in such a way, so that it benefits both the businesses and the consumers. India needed a better tax reform on indirect tax like the Goods and Services Tax. GST places India at a better place to negotiate in international market. Also, by bringing SMEs (Small and Medium Enterprises) and other organized sector, under its gambit, GST leads to a more stable Indian industrial sector and an improved economy.

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Essay on GST for Students and Children

500+ words essay on gst.

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.

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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.

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Introduction

GST is an acronym for goods and services tax. The GST has been introduced as a part of the reforms in India's taxation system to make the process simplified and more transparent. In this essay, we will discuss what GST is, how it is applied, the problem faced by businesses as well as common people due to GST implementation and the possible solutions that the government can take to mitigate those problems.

What is GST?

GST stands for Goods and Services Tax, and it is a tax that is levied on the manufacture, sale, or consumption of goods and services at a national level. The GST replaces all the indirect taxes that are currently being levied in India, such as service tax, value-added tax (VAT), central excise duty, etc.

The GST is levied on every transaction that takes place within India's territory, and it will be the responsibility of the buyer to pay the applicable taxes for any goods or services purchased. GST aims to do away with all indirect taxes like service tax, VAT, etc., making India a single market.

How is GST Applied?

The GST is a destination-based tax, and it will be levied on the value of the goods or services that are consumed within India's territory. The tax will be collected by the person who is responsible for the final consumption of the good or service. For example, if an item is produced in India and is sold to a consumer in another state, the GST will be levied by the state in which the final consumption takes place.

The GST is a multi-stage tax, and it will be levied at every stage of production and distribution of goods and services. The rate of GST at each stage will be based on the value addition that has taken place at that stage.

The GST aims to simplify the taxation system by ensuring a single tax rate across India's territory, thus making sure that goods and services are not taxed multiple times at different rates even if they cross through multiple states before reaching their destination.

Essay on GST

GST was firstly launched in 1954 in France. Currently, 160 countries in the world have implemented GST. As the Canadian model of GST has a federal structure, India has chosen the Canadian model of dual GST. GST stands for goods and service tax which has been applicable in India since July 1st 2017, so July 1st is declared as 'GST day. More specifically, Asam was the first state to get applied with GST. During the passing of the 'GST Bill' in the parliament, 336 votes were with it, and 11 votes were against it. The previous structure of indirect taxes in India was very complex, and quantitative taxes were levied by the central government and state government on goods and services. It has been a long-pending issue to streamline a variety of indirect taxes and implement a 'single taxation' system.

GST requires businesses who have exceeded the prescribed threshold value to register and must keep records of all inputs and outputs. It is exempted from a few products such as alcohols, natural gas, motor spirits and crude petroleum products. GST is simple in a calculation, simply multiplying taxable amount by GST rate. GST rates are covered under 5 tax slabs as 0%, 5%, 12%, 18% and 28%. Most goods fall under the tax slab of 5%, 12% and 18%, while certain services are under 18%. Cement, tobacco lies under the highest tax slab of 28%.

The GST system is categorised into Central GST, also known as CGST, State GST known as SGST and Integrated GST known as IGST. CGST is levied by the central government, SGST by the state government and IGST by the central government on inter-state supplies. In short, while selling within the same state, CGST and SGST need to be paid, and in Inter-state, IGST is.

Due to the implementation of GST, the count of incidences of tax evasion came down in the country, which brings an increase in tax collection for the government. GST has been implemented under Article 279 of the Indian Constitution. The existence of sales tax, service tax, customs duty, excise duty, VAT, Octroi tax etc., vanished. Moreover, A very common procedure for registration of taxpayers, refund of taxes, uniform format of tax returns. With minimum tax or even no tax, the exporters are encouraged to export with the best quality and increase the economy.

GST proved beneficial with more transparency, efficient compliance to central and state manufactures. GST assists in the growth of the Gross Domestic Products (GDP). GDP is expected to increase by 2%. Before the implementation of GST, the prices of the commodity were varying state to state. But, the prices became uniform throughout the country as the GST applied. The implementation of GST has proven a great decision for the country's people. The common man has gained momentum in life due to GST. True life is lived when a few changes occur in it. In addition, GST makes the Indian companies more compatible with the foreign companies and the Indian market more stable than the previous one.

GST is a country-wide tax and was introduced as The Constitution (One Hundred and First Amendment) Act 2017. GST had brought uniformity in the indirect taxation system, which had differently levied by states and centres before now. Different taxes, such as central excise duty, state VAT, etc., have been unified under one single umbrella of GST. Now, businesses do not have to pay taxes as per the state they belong to. Moreover, it has simplified tax calculation as well as returns filing. Under GST, businesses that exceed the prescribed threshold value must register themselves, keep records of input and output, and file their GST returns regularly.

GST is a 'one country-one tax' system. It requires businesses that have exceeded the prescribed threshold value to register and keep records of all inputs and outputs. There are five tax slabs under GST, that is 0%, 5%, 12%, 18% and 28%. Most goods fall under the 5%, 12%, and 18% tax slab, while certain services are subject to 18%. Cement, tobacco lies under the highest tax slab of 28%.

GST is governed by three different acts: The Central Goods and Services Tax Act 2017, Integrated Goods and Services Tax Act 2017, and Union Territory Goods and Services Tax Act 2017. It includes central excise duty that falls under One Hundred and the First Amendment of the Constitution of India.

FAQs on GST Essay

1.What is GST?

GST stands for Goods and Services Tax, a tax that has been applicable in India since July 1st, 2017. It is a single tax that is levied on goods and services, and it replaces the previous structure of indirect taxes in India, which were very complex. GST simplifies the calculation of taxes by multiplying the taxable amount by the GST rate. The tax rates are covered under 5 tax slabs which are 0%, 5%, 12%, 18% and 28%. One of the benefits of GST is that it brings more transparency and efficiency to the compliance of taxes by both central and state manufacturers. Businesses that exceed the prescribed threshold value are required to register and must keep records of all inputs and outputs.

2.How is GST beneficial?

There are many benefits of GST, such as the implementation of a simple taxation system that enables businesses to calculate their taxes easily. It eliminates the indirect taxes, including VAT, CST, Excise Duty and Service Tax. Also, it encourages exports which in turn leads to an increase in GDP. The government's revenue also increases since there is a reduction in tax evasion and the expenses on tax collection and compliance drop. Moreover, GST makes goods and services more affordable as most of them are now under the 18% tax slab. Businesses are no longer required to register multiple times for different indirect taxes, which means that the compliance process becomes easier, and there is less chance of error.

3.What is the difference between Central and State GST?

Central GST is also known as CGST, and State GST is also known as SGST. The main difference between the two is that CGST is levied by the Central Government, and SGST is levied by the State government. IGST is levied by the Central government on inter-state supplies. All three taxes (CGST, SGST and IGST) are collected by the Government of India and then distributed among the states. One should know that the tax rates for CGST, SGST and IGST are different. Different states have different tax slabs. One should be aware of the tax slab for their state in order to pay the correct GST. This will ensure that one is not required to pay more than the amount due.

4.What is the impact of GST on businesses?

The implementation of GST has positively impacted businesses as it has brought more transparency and efficiency to the compliance process. Businesses are now required to register only once and keep track of all input and output transactions. The tax rates are also clearer, making it easier for businesses to calculate their taxes. There is a reduction in tax evasion and the overall expenses on tax collection and compliance. GST has also made Indian businesses more competitive in the global market as it is now aligned with international taxation standards.

5.What are the benefits of GST for consumers?

The main benefit of GST for consumers is that it makes goods and services more affordable as most of them are now under the 18% tax slab. GST has also removed the cascading effect of taxes, which means that there is no tax on tax. This results in a decrease in the prices of goods and services. Consumers are now required to pay tax only on the amount they receive from the business. The benefits of GST for consumers also include a reduction in turn-around time for businesses since there is no need to register multiple times. This means that they receive their goods and services faster. The implementation of GST has had a positive impact on most sectors. The transportation, banking and insurance, telecom and IT sectors have all received benefits from GST.

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Essay on GST in English

Updated on
Mar 2, 2024

GST, Goods and Services Tax, is an indirect tax levied on goods and services produced, manufactured and sold in India. By indirect, it means the government collects it from the sellers or businesses and not from consumers. Consumers pay GST on the products and services bought from the seller. On this page, we will discuss some sample essay on GST, its meaning, benefits and other dimensions.

This Blog Includes:

Essay on gst in 100 words, how gst works, types of gst, benefits of gst, challenges of gst.

Essay on GST in 200 words

”GST stands for ‘Goods and Services Tax’. It is a uniform indirect tax levied on the ‘supply’ of goods or services and not on the manufacture of goods on the sale of goods or provision of services. India borrowed its GST model from the Canadian Dual GST model.’

Under GST, goods and services are divided into five tax slabs: 0%, 5%, 12%, 18% and 28%. Products and services like dry and fresh vegetables, unroasted coffee beans and green tea leaves, raw silk, khadi fibre, etc. are all exempted from GST. Products like petroleum, electricity and alcohol drinks follow the old taxation system, with separate central and state taxes.’

‘GST is based on the principle of destination-based consumption taxation, rather than the present principle of origin-based taxation. Under GST, all the suppliers, manufacturers, wholesalers and retailers have to register their good and services. Wholesalers and retailers are the intermediaries through which the government collect taxes. The government collects indirect tax from customers, who buy products and services from retailers and wholesalers. The ultimate burden of GST falls on customers.

‘GST has made the taxation process more transparent and efficient than ever. Previous taxes, like services tax, central excise tax, state-level VAT, and additional customs duty have fallen under GST.’

‘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 system has eliminated previous levies, particularly those related to inter-state transportation of goods. Notably, GST is now applicable to a wide range of transactions, including sales, purchases, transfers, leases, and imports.’

Essay on GST in 600 words

The full form of GST is “Goods and Services Tax”. GST is a uniform tax that is levied on the supply of goods and services by the government of India. GST, as an indirect tax, has replaced all the other state as well as central indirect taxes. It has brought the whole of India under a single tax regime, hence resulting in saving time and a low burden of tax.

GST has been divided into four types. These types are:

C-GST (Cental-GST)
It is levied on the transaction of goods and services by the Central Government of India with a state of Union Territory. CGST has replaced central taxes such as Central Excise Duty, Customs Duty, Central Sales tax, and SAD i.e. Special Additional Duty Tax.
S-GST (State- GST)
This GST is levied by the State Government on the transactions of goods and services within the state. It is the tax that is levied within a state, other than CGST. the taxes that SGTS replaces include:- Luxury Tax, Entry Tax, Value Added Tax, Entertainment Tax, etc.
I-GST (Integrated Goods and Services Tax)
The IGST is levied on the transaction of the goods and services that are interstate i.e. between two or more states, unlike CGST and SGTS which are levied in an intrastate manner. IGST is collected by the central government and then reimbursed later by the respective state.
UT-GST (Union Territories – GST)
This GST is imposed on the transaction of goods and services in the ahead mentioned 5 union territories of Idia:- Daman and Diu, Dadar and Nagar Haveli, Andaman and Nicobar Islands, Chandigarh, and Lakshadweep. The GST on the union territories is the total of the UTGST and the CGST. SGST does not apply to UTs as it would involve the Legislature. UTs of Delhi and Pondicherry rather have SGST as they have they have their own Legislature.

GST has eliminated the cascading tax effect; tax on tax.

GST will help to establish a Unified Common Market, which will provide a significant boost to foreign investment and the “Make in India” initiative.
GST will boost export and manufacturing activity. There will be employment opportunities, which will lead to substantive economic growth and poverty eradication.
It has made the tax regime more simpler.
Businesses can easily flourish under tax guidelines.
Elimination of double taxation on various sectors.
Efficient neutralisation of taxes, especially on exports.
It will help in making prices transparent as the
The transparency in the seamless flow of input tax credit between manufacturers, retailers, and service providers is anticipated to result in a clear and transparent final price for goods.
Reduction in the prices of services and products in the long run.

Although GST has several advantages to the government, manufacturers, wholesalers, retailers and ultimately consumers, there are certain challenges also.

CGST and SGST input credits cannot be cross-utilised.
Manufacturing states experience substantial revenue loss on a larger scale.
A higher tax rate is imposed to compensate for the revenue previously collected from various taxes, resulting in a high Revenue Neutral Rate.
There is a decrease in the fiscal autonomy of the states.
Banks and insurance companies express concerns about the necessity for multiple registrations under GST.
An additional cess is levied.
The ability of State tax authorities, accustomed to taxing goods rather than services, to handle the latter is uncertain.
The effectiveness of GST relies on political consensus, technological integration, and the capability of tax officials to adjust to new requirements.

Also Read: What is the Full Form of IGST?

The main purpose of GST is to treat India as one big market and imply one uniform tax regime. GST has had many effects such as reducing the unnecessary tax burden of different states and central taxes, making goods cheaper for both, the stakeholders as well as the consumers.

Ans: The full form of GST is ‘Goods and Service Tax’ and it is an indirect tax that is levied on the goods and services by the government of India. GST came into effect on the 1st of July, 2017 by the One Hundred and First Amendment of the Indian Constitution. One of the most important aspects of GST is that it follows a tax rule that is unique and specific to products all over India. Hence, we can say that it is a uniform indirect text that has replaced all the central as well as state indirect taxes. Because of GST, whole of the India is being treated as a single market.GST is also implied on imported goods.

Ans: GST is a short form that stands for ‘Goods and Services Tax’. -It is a uniform indirect tax that has replaced all the indirect taxes be it state taxes or central taxes. -The best aspect of GST is that it treats India as one big market hence following a uniform tax regime throughout the country, irrespective of the states. -All the registered dealers (suppliers, manufacturers, retailers, wholesalers, etc.) in the supply chain charge GST. -The dealers act as intermediaries in this and thus collect GST from the consumer which is then passed on to the government.

Ans: The full form of GST is “Goods and Services Tax”. GST is a uniform tax that is levied on the supply of goods and services by the government of India. GST, as an indirect tax, has replaced all the other state as well as central indirect taxes. It has brought the whole of India under a single tax regime, hence resulting in saving time and a low burden of tax. Types of GST:- There are mainly 4 different types of GST that are mentioned below:- -C-GST (Cental-GST) -S-GST (State- GST) -I-GST (Integrated Goods and Services Tax) -UT-GST (Union Territories – GST)

Deepansh Gautam

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Essay on GST (Goods and Service Tax)

GST is an indirect tax imposed on goods and services with the aim of “one tax for all”.

Have you noticed the bill when you last visited a restaurant? Or in the bill you received after shopping? You will find an additional charge by the name GST. Do you know what this is? And why it is applied? This is a tax that we all have to pay to the government. Tax can be direct or indirect. You have heard about the different tax systems and GST is a new entry in this list. Let us explore GST in detail.

Short and Long GST Essay in English

Here, I’m providing short and long essays on GST. This topic is useful for students of classes 4, 5, 6, 7, 8, 9, 10, 11, 12, etc. This topic is also useful for students preparing for competitive exams.

GST Essay 10 Lines (100 – 150 Words)

1) GST is a newer tax system adopted in India on 1 st April 2017.

2) All the earlier indirect taxes are now replaced by GST.

3) GST was first adopted by France, later many countries joined it.

4) GST is a good system to avoid corruption in the tax regime.

5) 0%, 5%, 12%, 18%, and 28% are the five slabs of GST.

6) All the services and goods fall in the different GST slabs.

7) CGST, SGST, and IGST are the three types of GST in India.

8) GST is paid by the final consumer of the goods.

9) GST is a completely online process and hence easy to adopt.

10) The state government may suffer losses due to GST.

Short Essay on GST (200 – 250 Words)

GST or Goods and Service Tax is a new tax system replacing all the earlier complicated indirect taxes like VAT (value added tax), purchase tax, luxury tax, etc. It is one tax for all. In 1954, France was the first country to adopt GST. Later many countries have implemented GST and today nearly 160 countries have adopted GST. In India, it was adopted under the tenure of Prime Minister Narendra Modi.

GST is a more transparent method that is beneficial for customers. Customers will now have to pay the same price for the product all over the country. In the previous system of tax-paying, customers have to pay taxes on many levels but the introduction of GST removed multiple taxes paying systems. GST is monitored by the GST council which consists of Union Minister and Finance Minister of states.

There are four main types of GST:

CGST or Central GST
SGST or State GST
IGST or Integrated GST

The central government is responsible for collecting CGST, while SGST is collected by the state. The IGST is collected by the central government on inter-state supplies. GST is imposed in five slabs, 0%, 5%, 12%, 18%, and 28%. Goods like cement, tobacco, etc fall under 28% while goods like bread and butter fall under 0% which is free from GST. Taxes on Alcohol, electricity, and petroleum are still collected according to the old tax system.

Long Essay on GST (500 – 600 Words)

Introduction

All the citizen of the nation has to pay some taxes to the government in one or another form. Collecting taxes is important for the economy of the country. These taxes are used by the government for the public interest and national debts. The taxes can be applied on income, transactions, business, or sales profit. One of the replacements for all the earlier taxes is GST which is Goods and Service Tax.

What is GST?

GST is an indirect tax applied on all the goods and services. It is collected on a national level from sale, manufacture, consumption of products, transactions, etc. GST is paid by the final consumer of the goods and services. GST is collected at every level of production and distribution of goods. However, the rate depends on the value added at every stage. GST implies a single tax system all across the country so that consumers have not to pay taxes multiple times. GST is imposed on businesses and sales that fall above the given threshold value. GST is categorized into five slabs and the tax on the products and services is collected accordingly. It is introduced to simplify the tax system in India.

History of GST in India

The idea of GST was not a new concept in India. In 1999, the then Prime Minister, Atal Bihari Vajpayee suggested the idea of implementing GST. A committee was also set up by him for this purpose. In 2006-07, the then Union Finance Minister of India again projected the idea of GST in the budget speech. It was aimed that GST will be applicable from 1 April 2010. But due to political disagreement the date was postponed.

The GST bill was passed by Lok Sabha on 29 March 2017. Till 30 th June, all the states and union territories passed their respective GST bills. Therefore, 1 st July 2017 was considered the adoption day of GST in India. The GST applied in India follows the Canadian model. The GST bill in the Indian parliament was supported by 336 votes while 11 votes were against it. Assam in India became the first state to adopt the GST in the country.

Benefits of GST

There are many benefits of implementing GST. The major advantage is that GST removes several underlying indirect taxes in India. It is also beneficial for small traders. Earlier they had to pay VAT if their turnover is more than 5,00,000 but under GST, the tax will be applied on a turnover of more than 20,00,000. The entire online method of GST made it easier and free from complicated rounds of tax paying. The tax structure plan of GST also gives an option to reduce the tax to the users.

Drawbacks of GST

In some cases, GST is beneficial for the country but it also poses some disadvantages. The main benefit of GST is mainly enjoyed by the Centre, the state may suffer losses. Since there is no separate tax for the state, their earnings can be cut off. Many items are under GST that was earlier free from taxes. Since GST is a completely online process, it can create difficulties for small business operators. However, GST is also responsible for increasing the cost of operations.

For many people, GST is not completely fruitful for the country while many support it. GST promises transparency and benefits as it is designed by keeping in mind both consumers and businesses. Although it is good from the previous tax system but still has some insufficiency.

I hope the above provided essay on GST will be helpful in knowing various aspects of this tax system.

FAQs: Frequently Asked Questions on GST

Ans. GST can be calculated as: GST = (Actual cost x GST percentage)/100. Therefore, the final price will be (Actual cost + GST amount)

Ans. The United States does not implement GST.

Ans. In a GST council, 2 members are from the Centre and 28 from states, and 3 from Union Territories. In total the council consists of 33 members.

Ans. GSTIN stands for Goods and Service Tax Identification Number. It is a unique number given to every business when registered to GST.

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Home » Knowledge Base » GST and its Impact on Business in India [Student Essay]

GST and its Impact on Business in India [Student Essay]

Saumya Snehal
Apr 11, 2017
43 Comments

A just and viable tax regime is vital for the sustainable economic growth and fiscal consolidation of any economy in the world.

This assumes a greater importance in a developing economy like India where although we have a high demographic dividend, we are yet to convert it to the proportionate human capital, which will in turn benefit the social and economic growth of the country.

In order to facilitate this, we need a conducive environment as we push forward towards becoming a better developed nation.

In order to become a more economically developed nation, we need a transparent, just, equitable and fair taxation system that is easy to administer.

The essential rationale behind this is that the taxation system should be reasonable and non-discriminatory in respect to both the direct taxes payable by individuals and the indirect taxes payable by corporations and industries so as to make them more tax-compliant and bring the larger populace in the taxation net to in turn aid the government in taking development projects.

Goods and Services Tax (GST) is a reformatory legislation which is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

Credits of input taxes paid at each stage will be available in the subsequent stage of value addition , which makes GST essentially a tax only on value addition at each stage.

The final consume will thus bear only the GST charged by the last dealer in the supply chain with set-off benefits at all the previous stages.

NEED FOR GST LEGISLATION

The tax-GDP ratio of a country is an important indicator that helps understand how much tax revenue is being collected by the government as compared to the overall size of the economy and unfortunately, this ratio is a dismal low for India despite having years of high growth, the lowest in BRICS countries.

From 2001 to 2015 the Indirect Tax-GDP ratio has increased from 10.28-11.6 only and therefore there is an urgent need to raise this ratio.

The burden of regressive taxes is another issue that the GST aims to redress. Direct taxes are progressive taxes as they are contingent on the ability of the taxpayer to pay.

In India, more than 60% of the total tax collected is accounted for indirect taxes, implying that the tax structure is extremely regressive and since the rich and poor are subject to the same tax rate which is unfair and therefore the indirect taxes need to be hauled.

Furthermore, the sharing of financial resources and revenue from the tax system between the Centre and the State is made simpler by the GST tax reform.

Furthermore the cascading of taxes with both the Centre and State levying taxes as the taxes levied by the State Government are not available to set off against the taxes being levied by the State Governments.

At the central level GST will subsume Central Excise Duty, Additional Excise Duty, Service Tax, Additional Customs Duty (Countervailing Duty), and Special Additional, Duty of Customs. At the State level, Subsuming of State Value Added Tax/ Sales Tax, Entertainment Tax, Central Sales of Tax, Octroi and Entry Tax, Purchase Tax, Luxury tax, Taxes on lottery, betting and gambling.

Also, the variety of VAT tax laws in the country with disparate tax rates and dissimilar tax practices divides the country into separate economic spheres thereby creating tariff and non tariff barriers thereby hindering the free flow of trade in the country.

This in turn also constitutes high compliance cost for the taxpayers disadvantageous to economic growth of a country.

GSTN, the Goods and Services Tax Network:

Along with GST, there are a number of reforms that the Government is bringing in to strengthen the manufacturing bone of India.

GSTN, the Goods and Services Tax Network is being setup with the objective to provide the requisite IT infrastructure and services for the proper roll-out and implementation of GST.

It is a company under Section 25 which implies that its is a non government, private limited company which will not work for profit.

The division of powers is such that the Central Government holds 24.5% equity in GSTN while the states inclusive of NCT of Delhi and the union territory of Puducherry and the Empowered Committee of the State Finance Ministers collectively hold another 24.5%, the remaining 51% vests with other Government financial institutions.

This company will work towards providing a proficient GST Eco-System. It will encourage and collaborate with GST Suvidha Providers to roll out GST applications for providing simplified services to the stakeholders.

It is also entrusted to carry out research in order to conclude better and best practices and to indulge in staff training and also consultancy to the Tax Authorities and other stakeholders.

Another very important feature of the GSTN is to develop Tax Payer Profiling Utility which is a very important aspect in ensuring efficient administration and achieve the GST goals.

GST Council

This is the most important aspect of the Goods and Services Tax, in ways bigger than the GST bill too, as the entire structure of GST is contingent on this foundation.

It is an apex body headed by the Union Finance Minister Mr. Arun Jaitley with the State-nominated ministers and the Union Minister of State for Finance( In charge of Revenue) as members.

It is imperative to note that the decisions of the GST Council will shape whether this ambitious tax reform will achieve its due desired effect or not.

IMPACT OF GST:

Major Benefits to the Economy As A Whole:

• The present scenario of differing tax rates in different states obstructs cooperative federalism.

GST will bring uniformity and also deplete the cascading consequence of these taxes by giving input tax credit, having a comprehensive tax inclusion with minimum exceptions which will in turn help the Industry to benefit from the proposed common procedures and claim credit for the tax paid.

• GST is expected to increase the mobilization of resources available for property alleviation and development of the country as pointed out by the Prime Minister, Narendra Modi.

This will take place in two ways: (a) directly the resources available to the poorer states will increase substantially; (b) indirectly as the tax base becomes more buoyant.

• The common base and common rates across goods and services and very similar rates across Centre and States will result in effective administration and increase compliance while also ensuring the better management of taxes collected in the State.

Also, there is a provision to maintain the requisite fiscal autonomy to the States with the power to levy additional excise taxes on certain “sin” goods like, tobacco, alcohol, etc.

• The complicated tax-levy system categorized by distortions between States and Cente which divides the country into separate economic zones with the help of GST will become one common national market.

This impedes the Make in India process which will get a boost through GST as it is making tax compliance easier and removing ambiguity and at the same time as GST will be applied on imports, domestic manufacturing would be encouraged.

• Tax Governance will get a positive boost through this regime, mainly, through the feature of input tax credit.

To claim input tax credit, each dealer has an incentive to request documentation from the dealer behind him in the tax chain which will ensure tax compliance. Also this would further require producers to buy materials from registered dealers and therefore will bring in more and more vendors in the taxation net.

Furthermore, the dual monitoring structure of the GST by both Centre and State will make tax evasion more prone to detection.

• There will be reduction in prices of goods as taxes would now be exempted from the production cost and at the same time it will put better goods and services within the reach of a larger number of the populace and as such increase the living standards of the country.

• The successful implementation of GST would give a strong signal to the foreign investors about India’s increased creditworthiness, lesser compliance and procedural costs in the taxation sphere and remove the complexities faced by the foreign investors who were reluctant to invest in consonance with the existence of virtual economic zones throughout the country.

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43 Responses

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GST (Goods and Services Tax) in India Essay

December 24, 2017 by Study Mentor Leave a Comment

GST stands for Goods and Services Tax, which is the newest form of indirect taxation that came into action in India post 1 st July, 2017 . The aim of introducing GST was to avoid the earlier multilevel VAT (Value added tax) as well as Central and State Sales Taxes (ST), the calculations of which were rather cumbersome.

What is Tax?

In order to fully understand GST, we need to first have a brief knowledge about the basics of the taxation system in India. Taxes can be broadly classified into two categories:

Direct taxes – includes our income taxes and wealth taxes. This tax is paid by an individual to the Government direct without any person in the middle; here the Citizen is the payee and the Government is the collector.
Indirect taxes – includes other taxes like GST, customs tax, luxury tax. This tax is not paid directly by the customer to the Government; instead it follows a hierarchical process of tax payment in which each participating individual (like customer, retailer, whole seller, and manufacturer) pays their own share of tax.

Table of Contents

Disadvantages of the previous tax system in India

GST was introduced because many economists were of the opinion that the previous indirect tax system of sales tax and value added tax were becoming extremely incompetent to deal with problems that the Indian economy faces today.

VAT and Sales tax are multilevel tax systems, and so are extremely cumbersome to calculate and implement.
Because of its complexity, there are innumerable loopholes in this system which is successfully exploited hydra headed grotesque businessmen in order to evade taxes.
Again, for its cumbersome nature, the customers need to be extremely aware of what they are paying and how they are paying, or else they are likely to get ripped off.
It’s based on a billing system, which makes it extremely cost-ineffective to implement.
One of the major disadvantages of the previous VAT and ST system was that it inevitably resulted in slow but gradual inflation.

What is GST and why was it introduced?

GST is the newest form of indirect taxation system that was first proposed in the Parliament in 2006, and eventually brought into force by the government of India by the Goods and Services Tax Act on 1 st July, 2017. It has taken the place and has abolished the erstwhile rather complicated system of VAT and Sales Tax.

Goods and Services Tax is already present in 140+ countries across the world and it was first introduced in France 1954. Unlike most of the countries in the world, India, we have dual tax system, i.e., there are two taxes to be paid – Tax to the Central government (now Central GST) and Tax to the State Government (now to be known as State GST).

Central GST or CGST will remove all the previously existing central level taxes including – Central Excise Duty, Additional Excise Duty, Central Service Tax, Additional Duty of Customs, Secondary and higher secondary Education Surcharges.

State GST or SGST will replace all the previously existing taxes to the State Government, namely – VAT, sales tax, Purchase Tax, Entertainment Tax, Luxury Tax, Lottery Tax, miscellaneous State Cess and Surcharges.

There are still few taxes that don’t come under the purview of GST that includes Customs, Stamp Duty, Petroleum Tax, Electricity tax and Liquor Tax.

Advantages of GST

It removes multiple taxation.
Creates lesser tax disputes.
There will be a significant reduction of tax on manufacturers as this GST is a consumption side tax which will enable manufacturers to have a better chance in world market competition due to lower pricing.
When GST will be completely implemented, India will get a boost of about 0.9-1.5 % boost in GDP.
A uniform tax structure implemented uniformly across all states will help prevent tax evasion and leakage and will increase the revenue of the Government.
It will promote seamless interstate flow of goods which will significantly lower the transit time and will improve the truck utilization.
Since this tax is uniform throughout all States and for all services, competitor will not get any undue advantage, in the form of tax benefit, due to his location.
There will be few sectors that will greatly benefit from GST system even considering the higher 15% rate applied on them which includes – Cement, Automobiles, Consumer durables, Logistics, Entertainment, Metal, Building materials, etc. All these sectors currently have about 25% – 30% tax rate which is likely to be reduced once GST is fully implemented.

Disadvantages of Goods and Services Tax

Since this GST is applied on the manufacturing side and not on the consumption side, several manufacturing States, like Tamil Nadu will have to incur losses. To make up for this, the Central Government has decided to provide compensation to these states for their losses for a period of five years.
There will be dual control on every business by both the State and Central Government. For example, the retail business had only the State Government’s intervention, but with GST, both the State and the Center can intervene in to the business thus hindering rapid expansion of business.
All forms of credit regarding GST will be available with online-only GST network, which requires the use of internet. This might impact small businesses negatively or where there is poor penetration of internet services and awareness.
State will lose autonomy to change tax rate and will now be done only by the GST council.
Petroleum and Liquor is still kept out of the purview of GST but they form about 40% of India’s total trade.
If the GST rate is kept at a higher side, it may have a negative impact on inflation.
There are few important sectors that currently enjoy no taxes or duty. These sectors will now be negatively impacted. They include essential commodities, like – Diary products, Textile, Media, Pharmaceuticals, IT/Its, Telecommunication.

“The consumer is the king today, and with GST, we intend to bring uniformiy in taxes” – These were the words of Prime Minister Narendra Modi when the constitutional amendment bill was passed by the parliament. Nobdy has seen the

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Essay writing on Impact of Goods and Services Tax (GST) On Indian Economy in English

IMPACT OF GOODS AND SERVICES TAX (GST) ON INDIAN ECONOMY

India’s biggest tax reform since independence – the Goods and Services Tax (GST) has finally arrived. The milestone GST has been implemented from July 1, 2017. GST is a comprehensive value added tax levied on the supply and consumption of goods and services in an economy. It is an indirect, multistage and destination based tax. GST was introduced with the aim of ‘one nation, one tax, one market.’

GST has subsumed several taxes and levies such as excise duty, services tax and additional customs duty. State level VAT, surcharges and octroi also come under GST. The primary objective behind the introduction of GST was to remove the cascading effect of taxes and to bring more transparency into the Indian taxation system. GST is currently levied on every product except petroleum, alcohol and stamp duty on real estate. Most of the articles that are used daily have zero GST. The imposition of the taxes takes place on the recommendation of GST council.

GST by subsuming an array of indirect taxes has simplified tax administration. It has brought uniformity of tax rates and structures across the country. The robust IT infrastructure created under GST regime has resulted in better tax compliance by curbing leakages which will go a long way in reducing corruption. Now there are no hidden taxes which will in turn lower the cost of production. Introduction of GST is making Indian products more competitive in the domestic and international markets. It has resulted in widening of the tax base with significant increase in number of registered taxpayers and formalization of economy. It has reduced the incentive for tax evasion. The average monthly GST collections have started rising. So GST has increased the government revenues by extending the tax base.

In conclusion, GST is one of the biggest tax reforms of our country. By bringing the excluded items under the GST network and providing relief to some of the sectors bearing the brunt of higher taxes, it is expected to generate more positive impact on the economy.

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GST Essay in English for Students

November 12, 2021 by Sandeep

Essay on GST: Implementation of GST is a big step for making the Indian economy better, stronger, and more transparent. GST made it easier for companies to record tax payments and schedule tax payments. Below we have provided GST Essay in English, suitable for classes 6, 7, 8, 9 & 10. This detailed essay on GST of 200-250 words is greatly helpful for all school students to perform well in essay competitions.

Essay on GST

GST is the abbreviation of Goods and Services Tax. GST is a kind of tax that was implemented in India on 1 July 2017. This tax is considered a major reform of the Indian tax system after independence. Since its implementation, GST has been a controversial tax in the context of the Indian tax system. The government collects tax from the country’s citizens in two forms; Direct Tax and Indirect Tax. Direct taxes are based on citizens’ income, and indirect tax is levied based on purchasing a product or service.

Income tax is a direct tax, whereas GST is an indirect tax that brought many taxes under the same roof. To understand the features and concept of GST, we have to take a quick look at the previous tax system. In the earlier tax system, the taxes used to be charged on every stage of goods. From the manufacturing of a product to its sales, a tax has to be paid.

These taxes used to be in VAT, excise, CST, but GST has replaced all different types of taxes. Earlier, the rate of taxes can be varied in different states, and there were two types of taxes; central taxes and state taxes. Now with GST, the rate of taxes is the same in all the country’s states, and taxes have been imposed jointly by the state and central government.

Benefits of GST

The earlier tax system in India was not favorable for small business units. Different types of taxes were present at that time, and on a product, different taxes were imposed. The motive behind the implementation of GST was “One Nation One Tax.” GST has its benefits and disadvantages.

The Indian economy is developing at lightning speed, and it has to compete with other more developed economies. Countries like Sweden, Denmark, Germany, Switzerland, and Japan have already implemented the GST. This tax helped the economy of the countries to grow. GST works like a common window for tax collection. Here are the other benefits of GST that will help the Indian economy in the long run.

Ease of Business – One Country One Tax made it easier for the business to set up their project in any state of the country. Earlier, the taxes on any projects used to vary from one state to another. But now, tax slabs are the same for one item in all the states of the country.

Easy Tax Filling – Different types of taxes like sales tax, Vat, services tax, etc., have been covered under GST, so tax filing has become much easier. The entire process of GST, from registration to filing returns, is available online.

Elimination of Different Taxes – Before GST, different types of taxes were used to apply to one product. Taxes like excise, octroi, sales tax, CENVAT, Service tax, turnover tax, etc., have different rates, but GST has included all of them in it.

Regulated Under-organised sector – Before the implementation of GST, many big industries like construction and textile were unorganised. But after the implementation of GST, companies associated with these industries have to complete all the compliance online then have to stick to regulations.

Defined tax for E-commerce – Before the implementation of GST, the business for E-commerce sites was difficult. For Up, they will have to apply VAT, and for other states like Rajasthan, they will have to remove it. So it was confusing for them. But GST made it easy as it’s one tax for all the states.

Paragraph on GST

In India, there are two types of taxes imposed by the central and the state government. They are either direct tax or indirect tax. Direct taxes are imposed on the earnings whereas indirect taxes are applied on the expenses. The most common example of direct tax is the Income-tax. However, indirect taxes are the major revenue sources of the government. To reduce the problem of various indirect taxes. One tax system GST has come into existence.

Short and Long Paragraphs on GST (Goods and Service Tax)

Here, I’m providing some paragraphs on GST in different word limits. It will be helpful for students of all classes. Therefore, you can use these paragraphs according to your need.

Paragraph 1 – 100 Words (What is GST?)

GST or the Goods and Service Tax is a kind of indirect tax that is applied in the supply of goods. It is meant to replace various indirect taxes of India like VAT (Value Added Tax), service tax, etc. This tax is applied to goods all over India.

GST is a destination tax that will be collected from the point of consumption. However, it is imposed at every step of production but is meant to be returned to all the involved parties.

The GST Council is responsible for deciding and imposing rates on goods and services, headed by the finance minister of the country.

Paragraph 2 – 120 Words (Structure or Rates of GST)

The goods and service taxes are collected based on five different tax slabs. They are 0%, 5%, 12%, 18% and 28%. In products like expensive and precious stones, a special tax of 0.25% is applied whereas golds are kept under the 3% tax.

Some products are taxed under state government like electricity, petroleum, and alcoholic drinks hence GST is not applied to these.

However, the rates of GST are updated various times after its launch. The rates are kept high for luxurious items and goods whereas low rates are for essential goods. The GST Council on behalf of the union finance minister is responsible for revising and monitoring the rates periodically.

Paragraph 3 – 150 Words (GST Worldwide)

GST is considered as the comprehensive tax because it replaced various other taxes imposed by the state and central government. Earlier the taxes were applied on all the products The GST summed up various taxes imposed by the state and central government.

The GST was being criticized globally by many people. Many businessmen and industrialists also opposed GST. Some considered the GST system as very complex by seeing the flaws in the system than other countries. The GST faced vast criticism by many political parties. Some considered it as a way of removing money from the pockets of the poor.

Different countries have adopted GST in different years. In 1986, GST was adopted by New Zealand. In 1991, Canada replaced Manufacture’s Sales Tax with the GST. In Australia, the Federal Wholesale Tax was replaced by GST in 2000. However, countries like Malaysia and Singapore have also adopted GST in 2005 and 1994 respectively.

Paragraph 4 – 200 Words (History)

The idea of adopting GST was first presented by the then Prime Minister Atal Bihari Vajpayee in the year 2000. An Empowered committee was formed for creating the structure of GST.

In 2004, a committee led by the advisor of finance minister Vijay L. Kelkar specified that many issues on the existing tax structure would be rectified by the emergence of GST. Many works had been carried out in implementing GST.

The union budget bill 2007-2008, holds the implementation date of GST. The date 1 April 2010 was set by the finance minister as the GST introduction date in India. Although it was delayed. On 22 March 2011, the Constitution Amendment Bill was passed in Lok Sabha to bring GST.

After facing many controversies, another deadline of 1 April 2017 was generated by Arun Jaitley (then finance minister). In August 2016 finally, the bill on GST was passed.

The GST was imposed by the Indian Government at midnight of 1 July. The launch session was attended by many high-profile guests. Many political parties boycotted the session. Many believe that the emergence of GST would hike the prices of goods which would be a curse for the middle and lower class populations.

Paragraph 5 – 250 Words (Origin & Regulation of GST)

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.

FAQs: Frequently Asked Questions on GST

Ans. Assam was considered as the first state of India to implement GST.

Ans. France was the first country to implement GST.

Ans. The highest GST slab is 28%.

Ans. Monaco, Bahamas, Kuwait, Bahrain, etc. are some tax-free countries.

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Essay on GST

Students are often asked to write an essay on GST in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on GST

Introduction to gst.

GST, or Goods and Services Tax, is a value-added tax levied on most goods and services sold for domestic consumption. It is a single tax that replaces multiple taxes imposed by the state and central governments.

Benefits of GST

GST simplifies taxation by unifying different taxes, reducing the cascading effect of tax on tax. It encourages transparency, aids in the growth of the economy, and is beneficial for both businesses and consumers.

Challenges of GST

While GST has many advantages, it also faces challenges like technical glitches in GSTN, increased compliance burden, and initial resistance from small businesses.

Also check:

Paragraph on GST
Speech on GST

250 Words Essay on GST

Introduction.

The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax system introduced in India on July 1, 2017. It has replaced several indirect taxes, fostering a uniform tax structure and enhancing ease of doing business.

Implications of GST

GST has brought about significant changes in the economic landscape. By eliminating the cascading effect of taxes, it has reduced the overall tax burden on consumers. It has also promoted competitiveness by establishing a level playing field for businesses.

Challenges and Opportunities

Despite its benefits, GST implementation has faced challenges. These include technical glitches, a complex structure, and initial resistance from businesses. However, the government has been proactive in resolving these issues, showcasing adaptability.

On the brighter side, GST has opened up opportunities for businesses. It has simplified the tax structure, making compliance easier. Additionally, the input tax credit mechanism has incentivized businesses to be part of the formal economy, driving economic growth.

Future Outlook

Looking forward, GST is expected to play a pivotal role in India’s economic narrative. With the government’s continuous efforts to simplify GST and make it more business-friendly, it is anticipated to stimulate economic growth and enhance India’s global competitiveness.

In conclusion, while GST implementation has had its fair share of teething troubles, its long-term benefits are undeniable. It is a progressive tax reform that has the potential to transform India’s economic trajectory.

500 Words Essay on GST

GST, or Goods and Services Tax, is a comprehensive, multi-stage, destination-based tax implemented in India on July 1, 2017. This tax system replaced many indirect taxes previously levied by the Indian government, with the aim of streamlining the taxation process and reducing the prevalence of double taxation.

The Mechanism of GST

GST operates on a multi-stage system, meaning it is applied at each step of the production process. However, it is refunded to all parties involved in the various stages of production other than the final consumer. This destination-based aspect ensures that the tax is collected from point of consumption rather than point of origin, thereby ensuring a more equitable distribution of the tax burden.

Types of GST

There are four types of GST in India: Central GST (CGST), State GST (SGST), Integrated GST (IGST), and Union Territory GST (UTGST). CGST and SGST are levied on intra-state transactions, while IGST is levied on inter-state goods and services. UTGST, meanwhile, is levied on transactions in the Union Territories.

The Impact of GST

The implementation of GST has had far-reaching implications. It has simplified the tax structure by merging a multitude of taxes into a single system. This has reduced the complexity of doing business, thereby promoting entrepreneurial activity and economic growth.

GST has also increased the tax base, as it has brought many previously untaxed businesses into the taxation net. This increased revenue can be used by the government to invest in infrastructure, healthcare, education, and other vital sectors.

Challenges and Criticisms of GST

Despite its advantages, GST has also faced criticism. The main challenge lies in its implementation, as it requires a robust IT infrastructure and widespread internet access, which are lacking in some parts of India. Additionally, the multi-tiered tax rate structure has been criticized for being complex and burdensome for small businesses.

Moreover, some critics argue that GST has increased the cost of certain goods and services, impacting the common man. The tax slabs are also a point of contention, as luxury and essential goods are taxed at the same rate in some cases.

In conclusion, while GST has streamlined taxation and increased revenue, it is not without its challenges. It is a significant step towards a more comprehensive and equitable tax system. However, it requires effective implementation and continuous refinement to ensure it meets its objectives and benefits all sections of society. Despite the criticisms, GST represents an important evolution in India’s economic landscape, marking a shift towards a more unified and transparent taxation system.

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Essay on GST in English for Children and Students

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Long and Short Essay on GST in English

Short Essay on GST and its Importance – Essay 1 (100 Words)

Short Essay on GST in India – Essay 2 (150 Words)

Essay on Objectives of GST – Essay 3 (200 Words)

Essay on Use of GST in India – Essay 4 (250 Words)

Introduction

How GST Works

Essay on Meaning and Types of GST – Essay 5 (300 Words)

Types of GST

There are basically four types of Goods and Services Taxes, as described below-

1) Central Goods and Services Tax (CGST)

2) State Goods and Services Tax (SGST)

3) Integrated Goods and Services Tax (IGST)

4) Union Territories Goods and Services Tax (UTGST)

Essay on GST (History and Significance) – Essay 6 (400 words)

Brief History of GST

Significance/Importance of GST in India

GST Essay In English - 1600 in words

Tax is such an instrument that gives a shape to the government and law of any country because taxation is the main source of income of the government. All the countries collect tax from the citizens according to their respective laws and use it for the progress of the nation. Taxes are generally of two types – direct tax and indirect tax. GST (Goods and Services Tax) is an indirect tax that has to be paid on the purchase of an item or availing a service. It has been more than 4 years since the implementation of GST in India, yet people do not know much about it.

Short and Long Essay on GST in Hind

Keeping these problems of all of you in mind, we are presenting the essay on GST here, we hope you will like this essay and will develop your understanding on GST.

Short Essay on GST - 400 Words

Introduction (Meaning of GST)

GST (Goods and Services Tax) is an integrated tax system i.e., replacing the many taxes already levied in India with only one tax, GST. GST was implemented in India on 1st July 2017, since then many changes have been made in it.

GST Requirement

The Indian Constitution had given the right to levy taxes on production and services to the Central Government and to the State to levy taxes on the sale of goods, on the basis of which everyone had made their own taxes. In this system many types of taxes were levied on a single commodity, sometimes creating a situation of tax on top of tax. To deal with these problems, GST has been implemented.

Benefits of GST

People from almost all sectors have benefited from GST, some of which are as follows-

benefit to ordinary people

Many taxes levied on one commodity got rid of.
Reduction in the tax rate of items used every day .
With the increase in the income of the government, there is a possibility of improvement in services like education, health, transport, etc.

profit to businessmen

Exemption from different taxes and octroi for each state.
Increase in business and profits.
The Central and State Governments together are giving concession in business to encourage small scale industries and entrepreneurs. And so on

Salient Features of GST

In order to overcome the shortcomings prevailing in the old tax system, the Government of India implemented a new tax system in the form of GST on 1 July 2017 whose main features are as follows-

In this tax system, consumption is taxed instead of production.
There is no tax on the tax.
Being a completely online system, there is less chance of rigging in it.
State governments cannot impose arbitrary taxes. And so on

Losses from GST

Along with the advantages of any system, there are also some disadvantages. GST also has some disadvantages, which are as follows-

Buying GST software for smooth running of business
The prices of the following items have increased due to GST:-
school fee.
Courier services.
in mobile bill.
Investment and banking management services.
Rent of houses.
Tobacco and Cigarette Products
Health related services.
traveling by rail or metro, etc.

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GST has its advantages as well as its disadvantages, but if its disadvantages are ignored, then it is known that the GST has been designed in such a way that it benefits the businessmen as well as the consumers. It replaces many indirect taxes of the Central and State Governments such as Value Added Tax, Central Value Added Tax, Excise Tax, Custom Duty, State Excise Duty, etc.

Big Essay on GST and Its Impact on India's Economy and Development - 1000 Words

Introduction (Definition of GST)

The Goods and Services Tax (GST) is a comprehensive, destination-based, multi-level tax. Which is levied indirectly on the use of goods and services. The Goods and Services Tax Act was passed in the Indian Parliament on 29 March 2017 and was implemented in India on 1 July 2017. It is a unified tax system which has replaced many indirect taxes in India.

Types of GST

Although GST is a unified tax system, but in India it is known by 4 different names-

central goods and services tax

When a business is carried on between two or more businessmen of the same state, the amount paid by them to the Center as tax is called CGST.

state goods and services tax

When a business is carried on between two or more businessmen of the same state, the tax paid by them to the state government is called SGST.

Union Territory Goods and Services Tax

When any business is done between two traders of a union territory, the tax paid by the traders to the union territory is called UTGST/UGST.

Integrated Goods and Services Tax

If any business is done between businessmen of two different states, then both the center and the state have the right on the tax received from them, this type of tax is called GST.

The rates of GST have been set differently for different types of goods-

00% GST rate - on basic services and goods for life, such as cereals, vegetables, salt, jaggery etc.
05% GST rate - On services and goods essential to life , such as coffee, oil, spices, tea, sugar etc.
12% GST rate - On goods and services used in everyday use, such as umbrellas, toothpaste, snacks, medicines etc.
18% GST rate - On goods and services that come in the middle class lifestyle, such as shampoo, detergent, ice cream, refrigerator etc.
28% GST rate - On goods and services that come in the luxury lifestyle, such as automobiles, paan masala etc.

Types of GST Returns

The GST returns are of the following types-

Goods and Services Tax Return 1

In this, the merchants have to file the details of the sales of the whole month, before the 11th of the next month. Businesses whose annual sales are less than 1.5 crores have to file this return every quarter.

Goods and Services Tax Return 2
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This return was made to give details of own purchases but for the time being it has been kept in abeyance.

Goods and Services Tax Return 3

At the time of filing this return, it had to give details of all sales and purchases as well as taxes paid. At present it has also been postponed for the present.

Goods and Services Tax Return 4

Initially there was some problem in implementing GSRT-3, so the Government of India has issued GSTR-3B in its alternative. In this, the details of the purchase, sale and tax paid for the whole month have to be given in brief.

GST Essentials

The extent of the requirement of GST varies for goods and services-

Businesses related to services, whose annual turnover is more than 20 lakhs, it is mandatory to register in GST and for goods related businesses this limit is more than 40 lakhs. In the states of Northeast India, this limit is Rs 20 lakh.

Impact of GST on Indian Economy

Favorable impact-

Due to the tax on consumption, the tax burden on the producers was reduced thereby motivating them to produce more.
The transparency of the system makes the customers aware.
GST has increased the revenue sector of the government.

Adverse effect-

Before 1 July 2017, everything was going well in the market, but as soon as GST was implemented on 1 July 2017, there was a wave of challenges in the business world. In the initial phase, a lot of work was done on its shortcomings, but it seems that it still fails to achieve its purpose.

A report states that before the implementation of GST, the growth rate in the collection of indirect taxes was 21.33% but in 2017-18 it increased to 5.80%.

GST and Growth of India

GST has affected many sectors of the Indian economy-

GST replaced many of India's indirect taxes by changing the tax collection structure to a unified tax system.
There will be more competition in exports.
The GST has made a positive impact on the agriculture sector, contributing to about 16 per cent of the GDP.
GST has provided many new opportunities to Information Technology. E.g. removal of doubling tax effect of taxes, business restructuring, opportunities in making software for GST, etc.
GST also affected the Indian banking sector.
Income from hotels and tourism is a major part of the economy, it helps in increasing GDP. GST has affected them too.
The entertainment industry has also been affected by GST.
Both exports and imports have been affected due to GST. And so on

GST is the backbone of India's indirect taxes, in this alone many of India's taxes are contained. It has been brought to prevent double taxation and tax over tax. GST is an indirect tax paid by consumers, which is levied on consumption and not on production. Initially it had some shortcomings, but with the continuous efforts of the government, most of its shortcomings have been removed, presently people from all walks of life are taking advantage of it.

Frequently Asked Questions on GST in English

Answer – On 1 July 2017 (1 July 2017).

Answer – In the state of Assam, on 12 August 2016 .

Answer- In New Delhi.

Answer- Jammu and Kashmir .

Answer- GST is implemented in about 164 countries of the world.

Answer - France, in 1954 .

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Essay on GST

List of essays on gst, essay on gst – short essay on gst (essay 1 – 200 words), essay on gst – in india (essay 2 – 250 words), essay on gst – written in english (essay 3 – 300 words), essay on gst (essay 4 – 400 words), essay on gst – for school students (class 8, 9, 10, 11 and 12 standard) (essay 5 – 500 words), essay on gst – features, benefits, drawbacks and problems (essay 6 – 600 words), essay on gst – long essay for college and university students (essay 7 – 750 words), essay on gst – for competitive exams like ias, ips and upsc (essay 8 – 1000 words).

GST or Goods and Services Tax is a form of taxation introduced by our government with the promise that every product sold in the market will be imposed with only one type of tax. The imposing of multiple taxes with varied amount has been stopped through the introduction of this tax form.

In recent years India has undergone many changes and new schemes were initiated and actively implemented in different areas. GST is one of such changes which almost shook every sector in India. It was initiated and the bill was passed to improve the economic condition of our country.

Audience: The below given essays are exclusively written for school students (For Class 8, 9, 10, 11 and 12 Standard) and college students. Furthermore, those students preparing for competitive exams like IAS, IPS and UPSC can also increase their knowledge by studying these essays.

What is GST?

GST stands for Goods and Service Tax. GST has replaced many other indirect taxes in India. As GST came into effect on 1 st July 2017, India is seeing a vast change in all financial matters. Previously there were many taxes levied on goods and services separately and at different stages. The current GST system has taken over this and also it is payable only at the final point of consumption.

GST is a progressive tax which means different tax rates are applied to different commodities. There is a separate GST council which consists of the finance ministers of the state and center who govern the tax rates and other rules and regulations.

Advantages of GST:

GST is shaping up the country’s economy in a progressive way. Although there were many hiccups initially, the main advantage of GST is that levying of taxes and paying taxes has become more systematic and transparent now. So, there is less possibility of manipulation on tax charges by authorities. Implementation of GST has increased the tax revenue collection and the consumers are also benefited since the price of goods has reduced.

Conclusion:

GST bill is considered to be one of the biggest tax reforms in India which is expected to boost up India’s economy. As any new initiative will have both its positives and negatives, GST also is receiving its share of criticism. The coming years will prove the real benefits of GST for a country like India.

Introduction:

The GST (Goods and Service Tax) is the historic tax reform of independent India introduced on 1st July, 2017. It emerges as the single taxation system to make the country a single market. It is seen as the definite step to revolutionize Tax Department and bring in transparency of business transactions. It is slated to boost the economy of the country progressively.

Objectives of GST:

An easier tax system attracts more domestic and foreign investments that eventually boosts the economy of the country. GST is viewed as such a step taken in this direction. In the World Bank’s “Ease of Doing Business Index” India has moved from 130th to 100th position in 2018 and from 100th to 77th in 2019.

GST has integrated 36 States / Union Territories & Union Governments. It helps smooth flow of goods across these territories and reduce the complications involved in the process. The “one nation, one tax” matra is all set to knit the Indian market together.

GST aims to check tax evasion and raise the revenue for the betterment of the country. It is also seen as a measure, which shifts the tax burden from manufacturers to consumers.

Challenges in GST:

The GST Portal is the platform for the taxpayers to register, file returns and make payments. Small businesses without IT know-how are not ready to get involved in this process immediately. So, help desks have been setup to train and build the capacity of the taxpayers to use the platform effectively.

Progress in GST:

More than a year into the GST regime, further steps are being taken to reduce the complexities in the GST portal. The taxpayer database is getting expanded, generating more revenue to the Government. Since cascading tax effect has been removed in GST, prices of goods and services are likely to go down in time and improve the country’s economy.

Though the GST laws have minor flaws, it is expected to revamp along the way. Nevertheless, GST is the bold step towards building a corruption-free and flourishing country that requires an unusual journey for the people of India.

GST is the Goods and Services tax which is executed in India to swap the former complex systems of indirect taxes. It involves a uniform and simple system of taxation.

Earlier, there were numerous puzzling taxes in India like Service tax, VAT (Value Added Tax), Central Excise tax, Entertainment tax, Cess tax, Sales tax, etc., that used to make everybody (including the businessman, common man, and the consumer) confusing. But with the introduction of GST, now people need to pay merely one kind of tax. GST is a tax that is collected by a state that consumes the goods or services and not by the goods manufacturing state.

1. GST is based on single taxation system that covers all kinds of indirect taxes.

2. The rates of goods and services also get decreased due to GST along with the reduction of the burden on people’s pocket.

3. GST is not levied at each sale-point in comparison to the other indirect taxes which helps in market development.

4. GST benefit in a corruption-free system of taxation in which there is no need to pay the tax at the time of production, manufacturing, and selling.

Disadvantages of GST:

1. The GST influences the market of real estate by increasing the buying prices of new home and reducing the number of buyers.

2. GST imposed by the government, for example, SGST for state government and CGST for central government are the new terms signifying older taxes like CST, Service Tax, and VAT in an innovative manner.

3. The double tax is charged in GST on behalf of a solitary taxation system.

There are so many nations around the world in which the taxation system of GST has already been implemented and executed. The execution of GST affects the country in dual ways i.e., positively as well as adversely. So, we should overlook the negative aspects of GST and take into consideration its positive impacts more for improving the economy of the nation.

What is the difference between GST and the old taxation version?

The older version of tax payment and implementation was different and complex. There were different types of taxes imposed on different products, while in GST scheme, a particular percentage of tax is fixed for products so that the complexity can be reduced and also the calculation can be easier and simpler.

GST is just a simple way of understanding how our government is collecting tax from common men and business people. The old tax form included service taxes, VAT or Value Added Tax, entertainment tax, etc., which were not only really confusing for citizens but also for business people and others to calculate and keep track on them.

Combining and avoiding all these differences and varieties, the government decided to introduce this tax form called GST, which eventually replaced the complex version of the tax form. There are three parts in GST taxation process. They are: SGST, UTGST and IGST.

GST is a consumption level taxation process. The travel of product in and around the country is being charged by this tax form. In the early days, different states in India used to have different types of rules of their own. This has considerably affected the growth of India. GST was introduced to rectify these problems.

The complexity of the older version has also contributed to GST’s introduction. Due to its complexity and difficulty in understanding the form, many small and medium business owners choose not to pay them or maintain records.

GST was initiated with the slogan “One Nation, One Tax” and literally, has justified it. But there are disadvantages too. This bigger change to year’s old culture of tax payment has not even be understood and accepted by a major part of the citizen. Even though the promise of less price was mostly satisfied, there are many products that just took the price to peak due to this taxation.

Keeping track and proper account for taxing will help you and your country remarkably in development and growth.

It wasn’t long before when GST was formally introduced in the Indian economy. Of course, it had created quite a furore because there were tons and tons of businessmen and other service related people who seemed clueless about it. To break age old tradition of several different indirect taxes and to have one single indirect tax for the whole nation was a concept alien to many.

However, ever since its official introduction from July 1 st , 2017; a lot of people have started to appreciate the simplicity which it has brought into picture.

GST stands for goods and service tax and it is primarily an indirect tax which is levied on every stage wherein a value is added. This tax is mainly charged on the supply of both goods and services.

The Salient Points:

In order to have a better picture of GST, let us see the salient points of this tax form.

Multi-Staged:

It is multi-staged tax because the tax is levied at every stage which is present from the procurement of raw materials to the final sales.

Destination Based:

The tax is levied on the basis of the place the goods or services will be finally consumed. Suppose; the goods are being manufactured in West Bengal and finally sold in the state of Rajasthan. The tax revenue will go to the state of Rajasthan because the tax is ultimately being levied at the actual point of consumption. This fact makes the nature of tax destination based.

Value Addition:

At every stage wherein the value of the good and/or service are added, there is a GST added to it.

The Benefits of GST:

While the initial reaction wasn’t positive because people were unable to understand the dynamics of this new form of tax, reactions have turned to positive now. Let us see some of the possible benefits which GST laws seem to have to offer.

1. It has cut down the cascading tax effect which is likely to bring down the net cost of goods as well

2. The online process of GST tax filing is a whole lot simpler

3. It has definitely improved efficiency as far as logistics is concerned

4. Small businesses have some of the most lucrative composition schemes which can benefit them tremendously

5. Even the unorganized sectors can be regulated.

So, the introduction of GST seems to be a monumental event and it is likely to have a positive impact on the Indian economy in the long run. Rather than having several other direct taxes which were cumbersome to handle, having a single tax for the whole nation seems to have drastically reduced the complication of tax collection and subsequent filing as well.

There are a lot of different online portals which are loaded with ample information to educate you about the details of GST. If you are not familiar with it, it is important to familiarize yourself with the details.

There is no doubt about the fact that GST is sure to simplify the taxes a great deal.

GST or Goods and Services Tax is an indirect tax implemented in India from 2016 to replace the prevailing taxation system of various indirect taxes.

The full form of GST is Goods and Services Tax . GST is a single tax on goods and services throughout India. Before GST, there were multiple taxes like excise on manufacture, sales tax and Value Added Tax (VAT) on sales, service tax, entry tax, entertainment tax etc., which was a very confusing tax system for both the consumers (common man) and the businesses. These taxes also had cascading effect of tax i.e., tax on tax resulting in hiking the prices of goods or services. GST has replaced these multiple and cascading taxes by one tax.

The developed countries like Japan, Germany, Switzerland, Sweden and Denmark – have a common GST (Goods and Service Tax) to provide one common window for tax collection and it is considered as a standard for the global business. As India is progressing towards the developed state, it has also embraced the uniform and simple tax system which is GST.

GST is implemented in India to replace the prevailing very complex and confusing multiple indirect tax systems. The previous multiple tax system had higher possibilities of tax evasion and corruption. India is marching towards the progress with the lightning speed and after the independence, the GST is the biggest tax reforms in India.

Key Features:

The GST is a single tax system with the objective of one nation one tax. In the previous tax system, different taxes were imposed by the Centre and state governments. The GST has subsumed Central Excise Duty, Service Tax, State Value Added Tax, Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax, Luxury tax, Taxes on lottery, betting and gambling etc. Removal of the cascading tax effect (tax on tax) is another key feature of GST.

Benefits of GST:

The GST is a simple tax system and has many advantages over the previous tax system. The system is much more transparent and simple. The possibility of tax manipulation and corruption by the sellers and authorities is reduced as only single tax is to be paid. GST has benefited the consumers as the prices of many goods and services have reduced. The filing of GST return is very simple and is now an online process. GST will provide major benefits to the Indian economy as a whole in long run.

Drawbacks of GST:

The GST also has some drawbacks. GST calculations are considered to be lengthy and cumbersome by some people as GST rates are different for different goods and services and it gets divided between CGST and SGST. For some commodities GST rate is higher than the previous taxes and for some products on which there were no taxes earlier, GST is charged.

Problems with GST:

In implementing GST some problems are still there. There are some areas where GST is not implemented, for instance, alcohol, crude oil, Petrol, diesel, electricity, natural gas etc. States continue to charge tax at their own rates on these items.

Under GST rules, tax returns needs to be filed at regular intervals and compliances are made more stringent and there are hefty fines for defaulting. Many times while filing GST Return people get an error and fail to complete the procedure. There are different tax slabs in GST which ranges from 0% (for exempted goods) to 28%. The government keeps revising the tax brackets and this confuses the businesses and consumers.

GST is introduced to make the tax payment process simpler and create a win-win environment for all, the government, businesses and consumers.

GST, or the Goods and Services Tax is a relative entrant in the tax regime of India. It is in fact considered as a historical step in the economic advancement of India, although a lot has been debated about its success or the failure of it. Whatever, be the way forward, either way, it is important to know and understand what GST is all about and what led to its inception.

The Inception of GST:

The change of India’s indirect tax system began in 1985 by Vishwanath Pratap Singh, Finance Minister in Rajiv Gandhi’s government, with the presentation of the Modified Value Added Tax (MODVAT). In this way, Prime Minister P V Narasimha Rao and his Finance Minister Manmohan Singh started early exchanges on a Value Added Tax (VAT) at the state level. A solitary regular Goods and Services Tax (GST) was proposed in 1999 amid a meeting between the Prime Minister Atal Bihari Vajpayee and his economic advisory panel which included three previous RBI governors IG Patel, Bimal Jalan and C Rangarajan. Vajpayee set up a board headed by the Finance Minister of West Bengal, Asim Dasgupta to plan a GST model.

After a deliberation of many years, the GST was rolled out at midnight on 1 July 2017 by the President of India, Pranab Mukherjee, and the Government of India. The launch was set apart by a noteworthy midnight (30 June – 1 July) session of both the places of parliament assembled at the Central Hall of the Parliament. In spite of the fact that the session was attended by prominent visitors from the business and media outlets including Ratan Tata, it was boycotted by the opposition due to the expected problems for the lower and the middle class. After its rollout, GST rates have been adjusted on different occasions, one of the major ones being on 18 January 2018, where a board of government and state fund priests chose to amend GST rates on 29 merchandise and 53 services.

What worked for GST?

GST has been successful in addressing many issues. For instance, GST, as it was broadly dreaded, would lead to a rise in inflation as seen with other countries who when for a single tax system. However, that hasn’t occurred in India. What made a difference? The multi-slab structure which was actually criticised initially worked in its favour. It guaranteed the required rate was as close as conceivable to the current rate, which implied the occurrence of expense didn’t rise.

Secondly, with the inception of GST, long lines of trucks at state borders vanished as check posts were not required, making a consistent national market. These boundaries had limited development of merchandise the nation over, prompting colossal postponements and expanding exchange costs for the logistics sector, in the end converting into greater expenses for buyers.

GST also led to one nation, one tax is a possibility. Now all the citizens of a country pay the same tax on an item irrespective of the state they reside in. Moreover, companies have now been able to streamline their distribution system which was earlier planned differently for different states keeping their tax policies in mind. Over 17 taxes and many cesses were merged in one GST which made things simpler and it was a win-win situation for all. Although at initial stages, the government seemed to have sacrificed a part of its revenues for the rollout of GST, at the end a better compliance level by all is expected to fill in the gap for the government exchequers.

What went wrong?

Not everything has worked in favour of the GST. Compliance by all is a distant dream yet to become true. At the initial stages, there were multiple registration levels required for the business entities making it uncomfortable for them, given the literacy levels of the major business population of the country. Fear of multiple audits, as well as assessments in the GST system, is also which has served as a dampener for the smooth rollout of GST. Working capital saw a rise of the small time investors as the refund mechanism was not as swift as it was required to be. Although a lot many improvements have been made by the government in order to resolve this issue, more intervention is perhaps still required.

GST has been an important step in the economy of the country. On one hand, GST has united the country in terms of the taxes paid by all, as there is no state wise discrimination on the taxes now, which a widely prevalent before. On the other hand, GST has been an easy transition or some while some others have found it extremely difficult to be accepted. However, the reality is that we should all be supportive of the measures taken by the government for the better of all of us and the economy of our country.

Goods and Services Tax, synonymously known as GST, has finally been put into effect on July 1, 2017, by the Government of India to replace the multiple taxes levied by the central and state governments. It was introduced as the 101 st amendment of the constitution of India. The long-awaited taxation system envisages to eliminate all other indirect taxes and reduces the burden of paying various taxes. The purpose of this tax system is to abolish the menace of indirect taxes levied at a different level of transactions and implies only GST on all goods and services.

As the name suggests, GST is the tax, based on consumption. GST is paid at the final stage of consumption for any goods and services. In a supply chain, GST marks a levy on every stage of purchases and sale.

To make the process of taxpaying easier, Government of India has planned for a dual GST system that has two components termed as Central Goods and Service Tax (CGST) and State Goods and Service Tax (SGST). Taxes like customs duty, excise duty, service tax, etc., shall be now calculated under CGST while entertainment tax, sales tax, VAT, etc., shall be applied under SGST, marking it a division of 18% tax (9% CGST & 9% SGST), which are subject to periodical revision during GST council meeting.

The GST has 5 slabs for the tax collection and they are 0%, 5%, 12%, 18% and 28%. Some items like alcoholic drinks, petroleum products, lottery, and electricity are falling under the GST and states shall have the authority to tax it.

GST in Other Countries:

Apart from India, around 160 countries in the world have implemented VAT/GST to make the tax system easier for their civilians. France was the first country to have introduced GST in the year of 1954, and the other countries followed after that. In every country the GST rates have been prefixed between 16 to 20 percent and India has taken a cue from this system and developed the new GST plan based on similar patterns. We expect that the Indian economy shall be expanding with great pace as the taxpayers will grow 5 to 6 times higher than the current figure.

Introduction of GST in India:

Ever since the conception of the idea and setting up of committees to strategize the planning and implementation since 2000, GST has finally crossed the hurdles on July 1, 2017, midnight session of the parliament. The cascading effect of taxes had become a nightmare of the past. Now, it is only after GST that India has seen a change in the taxation system that makes the calculation and expenditure very minimal and more comfortable for the people to control their expenses.

Likewise, it has also helped the retailers and manufacturers to invest wisely and claim the GST back eventually. Introduction of GST is a significant step in reforming the tax system. Amalgamating several taxes (central and state) under one system helps to mitigate the double taxation method and created a single national market for the people. GST introduces a uniform tax system across the states – one India one Tax!

Advantages of GST Implementation:

The various advantages of GST implementation are:

1. The Indian market has now become a unified market wherein every individual is paying a single form of tax rather than multiple taxes, thereby lowering the business cost.

2. The entire tax structure is now simple, making it easier for everyone to understand the system of taxation better.

3. GST is exceptionally beneficial for export-oriented companies as the GST is not applicable for goods or services exported out of India.

4. All transactions between the buyers and sellers have become transparent, and the tax structure is easy to calculate.

5. Suppliers, Manufacturers, Retailers, and Wholesalers can now claim the GST refund, thus making it easier for them to invest more into the business which eventually works well for the economy of the country as a whole.

6. The GST will help in an overall investment plan in the country and naturally benefit the development of the state as a whole.

7. For reaping the benefits, the returns must be filed online, and the input credits shall verify online.

8. It offers excellent relief for the consumers, as states won’t have the freedom to levy taxes on taxes and any kind of additional taxes.

9. GST will be payable only by the end consumer, and manufacturers, wholesalers, retailers will have the liberty to get the tax refund. Since consumers are paying the tax, over a while the tendency of evading tax will become zero.

10. Since GSTN backs GST, all tax transaction becomes transparent and corruption free.

The disadvantages of GST are:

1. GST has majorly hit on the real estate market as it levies 8%, which is a reason for the slow demand and has pulled down the market by around 12%.

2. Some retail products were cheaper before the introduction of GST, as it had a tax of only 4%. After GST, these items became expensive because as per GST, it has a levied tax of 9%.

3. One of the industries majorly hit by the GST is the aviation industry. Previously airfares had a service tax of 6-9% on an average; with GST, the rate has surpassed 15% and has doubled up the tax rates.

4. Since there are two components of GST, the CGST and SGST, it won’t make much difference in the net value of the tax payable by a consumer. Most people expected a reduction in the payable tax, but in reality, ordinary people continue to pay the same tax amount. It looks like only the name changed.

GST has brought a transparent and a corruption-free taxation system which has removed the shortcomings of the indirect tax structure. With the elimination of cascading tax, GST has become business and consumer friendly as it allows the people to pay a single tax for all the goods and services instead of going through several taxes on the same amount.

GST aims to increase the base of the taxpayers, unorganized sectors and SMEs have added to their compliance. This plan and execution have made the Indian market more stable than before, and Indian companies can now compete with foreign companies.

Being GST compliant helps the large and small businesses perform better. Lives of citizens have become more comfortable after the introduction of GST as they don’t go through double taxation anymore and that saves both manufacturers and consumers from additional payments.

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Home — Essay Samples — Geography & Travel — India — GST and Taxation in India

Gst and Taxation in India: The Way Ahead

Categories: India Taxation

About this sample

Words: 1538 |

Published: Jul 17, 2018

Words: 1538 | Pages: 3 | 8 min read

Works Cited

https://www.taxmann.com/blogpost/2000000031/what-is-gst-goods-and-services-tax-in-india.aspx
https://blogs.economictimes.indiatimes.com/figuringitout/way-ahead-is-to-reform-indirect-tax-regime-with-gst/
https://www.tradebriefs.com/index.php/component/content/article?id=466419
https://cleartax.in/s/gst-law-goods-and-services-tax. http://www.cbec.gov.in/htdocs-cbec/gst

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Essay on GST

In many schools, students are asked to write an Essay on GST .

Many students often struggles, while few of them get confused to write a descriptive essay on GST ( Goods and Service Tax ).

In this post, we had provided detailed information about Goods and Services Tax (GST), types of GST , how does it work.

You’ll also learn the advantages & disadvantages of GST and what are its effects on GDP are also discussed.

Let’s get started…

The Goods and Services Tax or GST is the new indirect tax system of the Government of India which is coming into effect from 1 July 2017 .

Essay on GST in 250 words:

GST is an abbreviation for Goods and Services Tax, India. It is a similar indirect tax, which is imposed by both the central and state governments, replacing different indirect taxes at different stages.

GST considers India a big market, whatever it may be, after a uniform tax government across the country.

Although GST is charged from the next customer by all registered dealers in the supply chain (raw material supplier, manufacturer, wholesaler, retailer and consumer), the ultimate burden of tax is on the end customer i.e. the consumer.

All other GST registered dealers act as middlemen, who collect GST from the consumer and give it to the government, receiving tax credits in return.

This tax credit is called the “input tax credit” and is held against the GST charged by the dealer to the customer in which he supplies the goods.

Any registered dealer is also eligible for a tax refund if the input tax credit exceeds the output tax credit, as per the provisions provided by law in this regard.

Further, no GST credit can be claimed for the purchase of discounted goods. GST is not imposed on all types of vegetables, organic manures, contraceptives, printed books, stamp papers, agricultural implements etc.

GST in India Essay 500 Words:

The Goods and Services Tax or GST is a comprehensive, multi-level, destination-based tax that will be imposed on every value.

To understand this, we have to understand the words under this definition.

Let us start with the word ‘multi-level’. Any item passes through several stages from manufacture to final consumption.

The first step is to buy raw materials.

The second stage is production or manufacturing.

And in the last stage, the retailer sells the final product to you or the end consumer. Also, read GST Essay Conclusion.

How GST works:

Nationwide tax reform cannot work without strict instructions and provisions.

The GST Council has devised a method of implementing this new tax system by dividing it into three categories.

When GST is implemented, there will be 3 types of taxes:

CGST: where revenue will be collected by the central government

SGST: Revenue will be collected by state governments for sales in the state

IGST: where revenue will be collected by the central government for interstate sales

In most cases, the tax structure under the new regime will be as follows:

The GST rate is 18% which includes the CGST rate of 9% and the SGST rate of 9%.

In such cases, the dealer collects Rs. 1800 and in this amount Rs. 900 will go to the Central Government and Rs. 900 will go to the Government of Maharashtra.

So now the dealer has to pay Rs. 1800 IGST & CGST and SGST will not have to be paid.

Conclusion:

The main reason for GST is to bring the whole of India under a uniform tax regime.

This has reduced the unnecessary tax burden of various state and central taxes on dealers and made goods cheaper for both investors and the consumer.

Essay on GST Bill in 1000 Words:

Goods and Services Tax, India GST for short is a tax based on the consumption of goods or services across India. GST is an indirect tax that has replaced previous indirect taxes. Direct taxes such as income tax, corporate tax etc. are not affected by GST.

History of GST:

The Goods and Services Tax (GST) was proposed in 1999 under the government of the then Prime Minister of India, Atal Bihar Vajpayee.

Also, a committee was set up by Prime Minister Vajpayee to prepare the GST model by the then Finance Minister of West Bengal Aseem Dasgupta.

Since then, the GDA could not be implemented, most recently on 1 July 2017.

The NDA (National Democratic Alliance) government formed the government led by the BJP (Bharatiya Janata Party).

Advantages of GST:

Tax affects cascading:

The cascading tax effect can be described as ‘tax on tax’, would eliminate this previous cascading effect of the tax.

High limit of registration:

In the VAT structure, it was mandatory to pay VAT to do other business with a turnover of more than 500000, although this limit has been increased to 2000000 with new Goods and Services Tax, which is beneficial for many small traders.

Structure plan:

It gives an option to reduce tax by using tax structure scheme i.e. tax and compliance burden on small businesses have been reduced under Goods and Services Tax.

Easy online process:

The entire process of Goods and Services Tax system has been made online so that it is easy for the user and does not get entangled in external useless rounds.

Regular occupation:

Before this new tax, considerable industries were largely unregulated and unorganized. There has been regularity in industries under the Goods and Services Tax. Also, read GST Essay FAQ .

Disadvantages of Goods and Services Tax (GST):

Cost overruns:

For efficient use of new billing software, software purchases and staff training leads to increased costs.

Goods and Services Tax Compliance:

Small and medium enterprises have to understand the specifics of the Goods and Services Tax system.

Maintenance of digital records should be consistent, if the Goods and Services Tax Complaint Challan is issued, it should contain the mandatory details, like a place of supply, HSN. Code etc.

Increase in operating costs:

Employment of specialists will suffer additional costs, this will increase the cost for small businesses.

Problem with the online application:

Since the Goods and Services Tax is an online taxation system, filing details can be difficult for some small businesses.

Additionally, small businesses, in particular, will face difficulties, as earlier only businesses above Rs 1.5 crore had to pay excise duty, but now businesses with more than ₹ 2000000 pay Goods and Services Tax.

Although one can choose the structure plan, it will also be a difficult and lengthy process.

Importance of GST in India:

GST plays an important role in changing the current tax structure and the economy.

Currently, the Indian tax structure is divided into two – direct and indirect taxes.

Direct tax or direct tax is one in which liability cannot be passed on to anyone else.

An example of this is income tax where you earn income and only you are liable to pay tax on it.

In the case of indirect taxes, the tax liability can be passed on to another person.

This means that when the shopkeeper pays VAT on his sale, he can give liability to his customer.

Therefore the customer pays on the price of the item and VAT so that the shopkeeper can collect VAT to the government.

Meaning the customer not only pays the price of the product, but also has to pay the tax liability, and therefore, it costs more when he buys an item.

This is because the shopkeeper had to pay tax when he bought the item from the wholesaler.

To recover the VAT paid to the government along with the amount it collects, it gives the liability to its customer who has to pay the additional amount.

Whatsoever is paid out of his pocket for the shopkeeper during the transaction, there is no other way for him to claim the refund and hence, he has no option but to pass on the liability of the customer.

Also, read 1. Cashless Economy Essay 2. Globalization Essay 3. Demonetisation Essay

Conclusion for GST Essay:

GST will lead to a more transparent and corruption-free taxation system; it is designed in such a way that it benefits both businesses and consumers.

India needed better tax reform on indirect tax like Goods and Services Tax.

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Essay on GST

Essay on GST in English – Essay on GST for Class 5, 6, 7, 8, 9, 10, 11, 12. Find paragraph, long and short essay on GST India in about 250, 300 words for Students. Learn everything about essay on GST in 300 words, essay on GST in 350 words, essay on GST in 400 words and essay on GST in 1000 words.

GST Essay in English | Essay on GST INDIA

Essay on GST 300 Words

GST is abbreviated as Goods and Service Tax. It is a very good step taken by our government of India to make a developed country. This system is launched by our honourable Prime Minister Mr Narendra Modi from 1st July 2017. GST is the one tax system which is really helpful for the people. The main aim of this tax system which is really helpful for the people. The main aim of the tax is to reduce black marketing and make easy for the business people to analyze tax.

There are mainly three taxes in GST

Central Good and Service Tax (CGST) State Goods and Service Tax (SGST) Integrated Goods and Service Tax (IGST)

GST is divided into two type one is goods and service tax that is abbreviated as SGST and central and service tax which is abbreviated as CGST. Transport of goods comes under integrated goods and service tax which is abbreviated as IGST.

There are four slabs in the GST system. They are 5%, 12%, 18%, 28%. These slabs are divided based on how essential the goods are? Many items of daily need like milk, bread, butter, and health facilities have been exempted from GST. The prices of some items have reduced like coffee, eating in restaurants, confectioneries while prices of some items have increased like cars, air travelling.

Without GST, we have to pay many taxes like VAT, excise duty tax, goods, service, additional excise duty tax, transportation tax etc. It’s enough to pay tax to the retailer when we are buying the goods. So with GST, all these taxes are combined.

GST will help to reduce the corruption related to taxes. It is also very beneficial for the common people to pay only one taxes. By merging all the taxes in one tax, GST is really a one nation one tax system.

Goods and services tax (GST) is an indirect taxation reform which aims at merging most of the taxes reform which aims at merging most of the taxes of centre and state into a single taxation system. It was implemented on 1st July 2017, as 122nd constitutional amendment bill and passed as a law by 101st constitutional Amendment Act. GST is governed by GST council and the chairman of it is Union minister of Finance.

GST is the biggest tax reform in the indirect location structure. Hence, it has removed the cascading effect of various indirect taxes. GST is divided into three parts Central GST, State GST and Integrated GST. It is backed by GST Network which is a fully integrated tax platform to deal with all aspects of GST.

GST has made the system more transparent which has reduced the possibility of tax avoidance and tax evasion. The ease of doing business has improved because of no hidden taxes. Prices of necessity commodities have come down because of the single tax, which has benefited common people. This has increased consumption which helped companies, that in turn helped in the economic growth of the country. Also, the price of a commodity is the same throughout the country.

The difference in the tax rate of different commodities has also increased the price of some articles which has made various business groups and trade unions unsatisfied with GST rates. Also, some states are concerned about its effect on their revenue collection. The lengthy and cumbersome procedure of GST is difficult for common man and business houses to understand.

GST has brought a major change in the indirect taxation system. It is beneficial for consumers, traders and also the government. Though it has few drawbacks, but it should not be the reason to demean a system which has many long-term advantages.

Essay on GST 350 Words

India is transforming rapidly. Many initiative were taken by our government to make our country better and one of such initiative is GST bill. Goods and services tax is a single indirect tax which has respelled all previous tax which were taken by state and central government. It was introduced by one hundred and first constitutional amendment in 2017.

France was the first country to introduce GST in 1954. Across the globe, more than 150 nations have applied GST in their countries like Brazil, Canada, Australia etc have a dual GST taxation system, i.e state GST and Central GST. In the same way, India has implemented total GST. Taxes of Central like Custom Excise duty, Service tax, Additional Excise duty and State taxes like VAT, entertainment tax, Sales tax etc had been merged in a single tax i.e GST.

As it is a consumption-based tax which means the tax should be received by the state in which the Goods and services are consumed and not by the state in which such good are manufactured. After implementing GST, our taxation system has improved, it has created transparency in our taxation system. Though GST complexity our taxes has improved and it has created a single total through which we can easily pay our taxes. It has also reduced the cascading effect of dual taxes which has decreased the price of product and i.e beneficial for customers.

Many economists and experts have predicted that the GST bill will boost up the economy in long run but we see some short-term impact on the economy too. According to the National Council of Applied Economic, it will grow our gross domestic product (GDP) from 0.9% to 1.7%. Due to simple and single tax, it will also promote exports, create more employment opportunity.

In my opinion, GST is history move by our government which has brought major changes in our taxation system by implementing one Nation one tax.

GST was implemented on 1st July 2017 as 101st Constitutional Amendment Bill. Goods and Services Tax (GST) is a reformatory legislation which is a single tax on the supply of goods and services, right from the manufacturer to the consumer. It is the biggest tax reform in the Indirect tax structure. A viable tax regime which is vital for the sustainable economic growth and fiscal consolidation of Indian economy. GST assumes a greater importance in a developing economy like India. GST will remove the cascading effect of various Indirect taxes. We need a transparent, just, equitable and fair taxation system that is easy to administer.

More than 150 countries have successfully implemented GST. In India, more than 60% of the total tax collected is accounted for indirect taxes hence, this reform is very important. Divided into three parts Central GST, State GST, and Integrated GST. GST Council to decide various aspects and tax rates. GST Network for IT infrastructure. GST is a progressive tax i.e. it has a different tax rate for different commodities.

GST will reduce the possibility of tax manipulation, make them more transparent system and benefit the consumers. It will promote ease of doing business. GST will surely increase the number of taxpayers, hence more revenue generation. Some states are concerned about its effect on their revenue collection. Various business groups and trade unions are not satisfied with the GST rates. The lengthy and cumbersome procedure has caused a delay in tax collection. Government is working with all the stakeholders for a smooth operation of GST system. GST rates have been revised for the betterment of people and businessmen.

The government should work effectively to ease the complexity of the present system. Tax rates for essential goods should be monitored regularly. There should be a proper mechanism for tax sharing between states. Just on the basis of some negative aspects, we should not demean a system which has many long-term advantages. GST would give a strong signal to the foreign investors about India’s increased creditworthiness, lesser compliance and procedural costs in the taxation sphere. This tax reform will surely help the Indian economy and boost GDP.

Essay on GST 400 Words

GST (Goods and Service Tax) is defined as any tax on supply of goods and services other than on alcohol for human consumption. GST is destination based consumption tax based on VAT principle. Model GST law was published in July 2016 and a revised Model GST Law was issued in the same year on 26th November. In 1954 France implemented GST. Worldwide, almost 150 countries have introduced GST. Most countries have unified GST system but Brazil and Canada have a dual GST system same as India is going to introduce.

Central taxes such as Central Excise duty, Service tax, Additional Excise duty, Additional Customs duty and Special Additional duty as well as state-level taxes such as VAT or Central Sales tax, Entertainment tax, sales tax, Purchase tax, Entry tax and Octroi and Luxury tax will subsume in GST. The power to make laws in respect of supplies in the course of inter-state trade or commerce will be vested only in the Union Government. With this system States can levy GST on intrastate transactions, including on services. The Centre will levy IGST on the inter-state supply of goods and services. Import of goods will be subject to basic customs duty and IGST.

The GST structure would follow the destination principle. Accordingly, imports would be subject to GST, while exports would be zero-rated. In the case of inter-state transactions within India, State tax would apply in the state of destination as opposed to that of origin. All the existing taxpayers registered under VAT, Service Tax, and Excise are required to furnish the details at GST Common portal for the purpose of migrating themselves into GST regime

After GST Service Tax which is 15% right now will increase to 18%. Even if a supplier of Goods or Services is having turnover below to threshold limit, registration is compulsory in case of interstate supplies. States are allowed to levy the additional rates of 1% to 2% tax on certain commodities, which will defeat the purpose. Despite ONE NATION-ONE TAX policy, one has to register in every state where one has business places.

Removal of tax barriers on the introduction of tax barriers on the introduction of uniform GST across the country with seamless credit will make India a common market leading to an economy of scale in production and efficiency in supply chain. It will expand trade and commerce. Ultimately it will be a great reform for the betterment of the economy and also for the people of India.

Essay on GST 1000 Words

GST most important indirect tax reform across the nation since Independence. It has taken almost 16 years from the date of inception of the idea, formation of a task force, to a passage in Parliament. It represents a Herculean, nationwide, multi-party consensus-building exercise which is finally bearing fruit.

GST is a destination based indirect tax on consumption. It will be levied on all goods and services except liquor for human consumption, petroleum and electricity.

What we have at present – Currently, more than 25 different tax rates on various goods and services are levied by 29 states and the Centre combined. This yields nearly Rs.9 lakh crore as total indirect tax revenues for the nation.

Without GST –

There are multiple points of taxation and multiple jurisdictions. We also have an imperfect system of offsetting credits on taxes paid on inputs, leading to higher costs. Further, there is cascading of taxes — that is, tax on tax.

Firstly, Interstate commerce has been hampered due to the dead-weight burden on Central sales tax and entry taxes, which have no offsets. All this will go once the GST is in place. It will enhance the ease of doing business. Make our producers more competitive against imports.

Secondly, the adoption of the GST is an iconic example of what Prime Minister Narendra Modi has called “cooperative federalism”. It represents a national consensus, an outcome of a grand bargain struck together by 29 States and seven Union Territories with the Central government. The States agreed to give up their right to impose the sales tax on goods (VAT), and the Centre gave up its right to impose excise and services tax. In exchange, they will each get a share of the unified GST collected nationally. The anticipated additional gains in efficiency, competitiveness and overall tax collections are what drove this bargain.

Thirdly, once the GST is in place, it means a unified, unfragmented national market for good and services, accessible to the smallest entrepreneur. Companies need not maintain stock deport to avoid paying interstate taxes. This will free up some capital. All this will add to demand, and also efficiency. The National Council for Applied Economic Research and others have estimated that national GDP growth can go up by one percentage point on a sustained basis.

Fourthly, because the structure of claiming input tax credit linked to having proof of taxes paid at an earlier stage in the value chain, this creates interlocking incentives for compliance between vendor and customer. Because of this inherent incentive, the total taxes paid, and hence collected, may go up significantly. This provides buoyancy to the GST. In fact, a significant part of the black economy will enter the tax paid economy.

Issues of GST

First is the question of the uniform GST rate. The empowered committee of finance ministers uses a concept called “Revenue Neutral Rate” or RNR. The RNR is that uniform rate which when applied will leave all States with the same revenue as before. So no State should lose out by signing up to the GST. But this approach is faulty since unless we try it for a year (or more) we won’t be able to gauge the buoyancy of the GST. In trying to assuage the fears of States, the calculation of the RNR has been loaded by every possible existing tax (like entry tax, octroi, etc.). This has caused the RNR to steadily escalate upward.

The second issue is that the GST is an indirect tax. By their very nature, indirect taxes are regressive because they affect the poor more than the rich. India’s ratio of indirect to direct tax collection is 65:35, which is exactly the opposite of the norm in most developed countries. India’s ratio of direct tax to GDP is one of the lowest in the world, and it badly needs to expand the direct tax net. Only 4 per cent of India pays income tax, but practically all Indians pay indirect taxes in one form or the other. Direct tax rates have been falling, and indirect tax rates rising. For instance, service tax (an indirect tax) used to be 5 per cent in the 1990s and is now more than 15 per cent. The Swachh Bharat cess or frequent increase in excise duty on petrol and diesel are all recent examples of regressive indirect tax. Unless a rate cap is adopted, the GST rate could easily drift higher, further hurting India’s income inequality. To meet their fiscal needs, it is always tempting for governments to tweak indirect taxes higher since the work of expanding the direct tax net is so much harder. This temptation must be curbed with a rate cap.

The third issue is of tax litigation. Approximately Rs.1.5 lakh crore is stuck in litigation related to Central excise and service taxes. On the other hand, the State-level VAT is administered in a way that empowers tax officials to dispose of cases quickly. Disputes involving Central taxes go through an appeal and tribunal process and can drag on for years. But empowered staff under the Sales Tax Commissioner can dispose of valid grievances of State-level VAT payers much faster. This difference is called the “review” versus “revise” approach to tax disputes. It is important that the GST approach leans towards the more efficient State-level model.

The fourth issue in implementing the GST is the governance within the GST Council. It is a de facto council of States, along with representatives from the Union Finance Ministry. It seems that one State will get one vote, irrespective of its size. This seems unfair. An economically larger State, contributing a bigger chunk of the GST pie, should have a greater say.

In Conclusion

The GST is obviously not a panacea for all ills of India’s economy. It is nevertheless a revolutionary and long-pending reform. It promises economic growth and jobs, better efficiency and ease of doing business, and higher tax collection. We hope that its imperfections and potential pitfalls will be sorted out as we roll it out.

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Essay on GST in English 250 Words for All Students

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Introduction

GST is an indirect tax levied on the supply of goods and services in India. It was implemented on 1st July 2017, with the aim of simplifying the existing tax system in India. GST replaced several indirect taxes such as excise duty, service tax, and value-added tax.

What is GST?

GST is a consumption-based tax that is levied on the supply of goods and services. It is a multi-stage tax, which means that it is collected at every stage of the supply chain, from the manufacturer to the consumer.

Also Read: Diwali Essay in English 150 Words

Types of GST

There are four types of GST in India, which are as follows:

Central Goods and Services Tax (CGST)
State Goods and Services Tax (SGST)
Integrated Goods and Services Tax (IGST)
Union Territory Goods and Services Tax (UTGST)

Benefits of GST

GST has several benefits, some of which are as follows:

Simplified Tax Structure: GST has replaced several indirect taxes, making the tax system simpler and more transparent.
Reduction in Prices: GST has resulted in a reduction in prices, as it has eliminated the cascading effect of taxes.
Increased Compliance: GST has made it easier for businesses to comply with tax regulations, as it is a single tax system.
Boost to the Economy: GST has given a boost to the Indian economy, as it has made it easier for businesses to operate across states.

Challenges of GST

GST has faced several challenges since its implementation, some of which are as follows:

Technical Glitches: The GSTN (Goods and Services Tax Network) faced technical glitches during its initial implementation, causing inconvenience to businesses.
Increase in Compliance Costs: GST has increased compliance costs for small businesses, as they have to maintain regular records and file returns.
Classification Issues: There have been classification issues related to certain goods and services, which have led to confusion among businesses.

Impact of GST on the Economy

GST has had a significant impact on the Indian economy, some of which are as follows:

Increase in GDP: GST has led to an increase in GDP, as it has made it easier for businesses to operate across states.
Reduction in Inflation: GST has resulted in a reduction in inflation, as it has eliminated the cascading effect of taxes.
Increase in Tax Revenue: GST has led to an increase in tax revenue, as it has widened the tax base.

Impact of GST on Businesses

GST has had a significant impact on businesses in India, some of which are as follows:

Reduction in Logistics Costs: GST has led to a reduction in logistics costs, as it has made it easier for businesses to transport goods across states.
Increased Compliance: GST has increased compliance for businesses, as they have to maintain regular records and file returns.
Reduction in Tax Burden: GST has reduced the tax burden on businesses, as it has eliminated the cascading effect of taxes.

Example 2: Essay on GST in English 250 Words

Goods and Services Tax (GST) is a comprehensive tax levied on the supply of goods and services in India. It was implemented on 1st July 2017, and it replaced a number of indirect taxes such as service tax, VAT, excise duty, and more. GST is a multi-stage tax that is collected at every stage of the value chain, from manufacturing to final consumption.

The introduction of GST has brought about a significant change in the Indian tax system. One of the major benefits of GST is that it has made taxation more efficient and simplified. With the implementation of GST, businesses need to file only one tax return instead of multiple returns for various taxes. This has reduced the compliance burden on businesses and made tax filing more straightforward.

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Another benefit of GST is that it has made the tax system more transparent. GST is a digital tax that is collected electronically. This has reduced the scope of tax evasion and made the tax system more effective. Additionally, GST has also eliminated the cascading effect of taxes, which means that businesses can claim input tax credit for the taxes paid on their inputs.

GST has also helped in boosting the Indian economy. It has led to a reduction in the prices of goods and services, which has increased the purchasing power of consumers. This, in turn, has boosted demand, leading to an increase in production and growth of the economy.

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However, GST has also faced criticism from some quarters. Some businesses have complained about the increased compliance burden and the complexity of the tax system. Moreover, there have been concerns about the high tax rate on certain goods and services.

GST is a significant reform in the Indian tax system. While it has brought about many benefits, there are still some challenges that need to be addressed. Overall, GST has helped in making the tax system more efficient and transparent, and has contributed to the growth of the Indian economy.

Example 3: Essay on GST in English 250 Words

Goods and Services Tax (GST) is a comprehensive tax system implemented in India on July 1, 2017. It replaced multiple indirect taxes like excise duty, service tax, and value-added tax (VAT), and brought them under one umbrella. GST is a destination-based tax that is levied on the final consumption of goods and services.

GST has several benefits for the Indian economy. One of the primary advantages is the simplification of the tax system. The previous system had multiple taxes and complicated procedures, which made it difficult for businesses to comply with. GST has eliminated this complexity by providing a single tax system that is easy to understand and comply with.

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Another advantage of GST is that it has reduced the cascading effect of taxes. In the previous system, taxes were levied at every stage of the supply chain, which resulted in tax on tax. This increased the final cost of the product, making it more expensive for the end consumer. GST has eliminated this cascading effect by allowing businesses to claim input tax credit for taxes paid on inputs.

GST has also increased transparency in the tax system. Earlier, the tax system had several hidden taxes, which were not visible to the end consumer. With GST, all taxes are visible, and the consumer knows the exact amount of tax they are paying. This has increased accountability and reduced tax evasion.

Example 4: Essay on GST in English 250 Words

Goods and Services Tax, commonly known as GST, is a comprehensive tax regime introduced in India on 1st July 2017. It is an indirect tax that has replaced all the other indirect taxes that were levied previously by the Central and State Governments. GST is a uniform tax system that has been implemented in India to simplify the taxation process and bring transparency in the taxation system.

GST is based on the principle of "One Nation, One Tax, One Market" which means that a single tax will be applicable throughout the country on all goods and services. GST has been introduced in various countries around the world, including Canada, Australia, and Malaysia, among others.

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The implementation of GST has helped in reducing the cascading effect of taxes, which means that the taxes were levied on taxes in the previous taxation system. GST has also reduced the compliance burden on taxpayers by bringing all the indirect taxes under one roof. Under GST, all the businesses, big or small, are required to register under the GST regime, and the GST returns have to be filed regularly.

The GST system has also brought about an increase in the revenue collection for the Government, as it has led to the widening of the tax base. The GST Council, which is responsible for making recommendations on the implementation of GST, has also made several changes to the GST rates to provide relief to the taxpayers.

However, the implementation of GST has also faced criticism from some quarters. The small traders and businesses have complained about the complex compliance process, while the exporters have complained about the delay in refunds. The government has been making efforts to address these concerns and streamline the GST system.

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GST has brought about significant changes in the taxation system of India, and it has helped in creating a unified market for goods and services. The benefits of GST will continue to be felt in the long run, as it will help in boosting the economic growth of the country.

GST has been one of the most significant reforms in the Indian taxation system. It has simplified the tax system, reduced prices, and increased compliance for businesses. However, it has also faced several challenges, such as technical glitches and an increase in compliance costs for small businesses. Overall, GST has had a positive impact on the Indian economy, and it is expected to continue to do so in the future.

GST is an indirect tax levied on the supply of goods and services in India. It is a multi-stage tax that is collected at every stage of the supply chain, from the manufacturer to the consumer.

How many types of GST are there in India?

There are four types of GST in India, which are Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST), and Union Territory Goods and Services Tax (UTGST).

What are the benefits of GST?

Some of the benefits of GST are simplified tax structure, reduction in prices, increased compliance, and boost to the economy.

What are the challenges of GST?

Some of the challenges of GST are technical glitches, increase in compliance costs for small businesses, and classification issues related to certain goods and services.

What is the impact of GST on businesses?

GST has had a significant impact on businesses in India, such as reduction in logistics costs, increased compliance, and reduction in tax burden.

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Long and Short Essay on GST in English for Children and Students
Short Essay on GST in India - Essay 2 (150 Words) Goods and Services Tax, India is a uniform tax levied on goods and services, treating whole of India as one market. The tax came into effect from 1 st July 2017 and replaced the existing multi level central and state taxes. GST divides goods and services into five tax slabs - 0%, 5%, 12%, 18 ...
Essay on GST for Students
Answer: GST or Goods and Service Tax is an indirect or consumption-based tax imposed by the Indian Government on all the goods and services parties of a supply chain. GST is an Indirect Tax which has succeeded in many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017.
Essay on GST for Students and Children
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%.
GST
Essay on GST. GST was firstly launched in 1954 in France. Currently, 160 countries in the world have implemented GST. As the Canadian model of GST has a federal structure, India has chosen the Canadian model of dual GST. GST stands for goods and service tax which has been applicable in India since July 1st 2017, so July 1st is declared as 'GST day.
Essay on GST in English
Essay on GST in 200 words. "GST stands for 'Goods and Services Tax'. It is a uniform indirect tax levied on the 'supply' of goods or services and not on the manufacture of goods on the sale of goods or provision of services. India borrowed its GST model from the Canadian Dual GST model.'. Under GST, goods and services are divided ...
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GST Essay 10 Lines (100 - 150 Words) 1) GST is a newer tax system adopted in India on 1 st April 2017. 2) All the earlier indirect taxes are now replaced by GST. 3) GST was first adopted by France, later many countries joined it. 4) GST is a good system to avoid corruption in the tax regime. 5) 0%, 5%, 12%, 18%, and 28% are the five slabs of ...
GST and its Impact on Business in India [Student Essay]
This impedes the Make in India process which will get a boost through GST as it is making tax compliance easier and removing ambiguity and at the same time as GST will be applied on imports, domestic manufacturing would be encouraged. • Tax Governance will get a positive boost through this regime, mainly, through the feature of input tax credit.
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GST is the newest form of indirect taxation system that was first proposed in the Parliament in 2006, and eventually brought into force by the government of India by the Goods and Services Tax Act on 1 st July, 2017. It has taken the place and has abolished the erstwhile rather complicated system of VAT and Sales Tax.
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The milestone GST has been implemented from July 1, 2017. GST is a comprehensive value added tax levied on the supply and consumption of goods and services in an economy. It is an indirect, multistage and destination based tax. GST was introduced with the aim of 'one nation, one tax, one market.'. GST has subsumed several taxes and levies ...
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GST is a kind of tax that was implemented in India on 1 July 2017. This tax is considered a major reform of the Indian tax system after independence. Since its implementation, GST has been a controversial tax in the context of the Indian tax system. The government collects tax from the country's citizens in two forms; Direct Tax and Indirect Tax.
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Essay on GST 1000+ Words. The Goods and Services Tax, commonly known as GST, is a monumental taxation reform in India that has transformed the way goods and services are taxed and simplified the complex tax structure. In this essay, we will explore the significance of GST in India, its impact on the economy, and why it's considered a game ...
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Paragraph 2 - 120 Words (Structure or Rates of GST) The goods and service taxes are collected based on five different tax slabs. They are 0%, 5%, 12%, 18% and 28%. In products like expensive and precious stones, a special tax of 0.25% is applied whereas golds are kept under the 3% tax. Some products are taxed under state government like ...
100 Words Essay on GST
Introduction to GST. GST, or Goods and Services Tax, is a comprehensive, multi-stage, destination-based tax implemented in India on July 1, 2017. This tax system replaced many indirect taxes previously levied by the Indian government, with the aim of streamlining the taxation process and reducing the prevalence of double taxation.
Essay on GST in English for Children and Students
Short Essay on GST in India - Essay 2 (150 Words) Goods and Services Tax, India is a uniform tax levied on goods and services, treating whole of India as one market. The tax came into effect from 1 st July 2017 and replaced the existing multi level central and state taxes. GST divides goods and services into five tax slabs - 0%, 5%, 12%, 18 ...
GST Essay In English
Short Essay on GST - 400 Words. Introduction (Meaning of GST) GST (Goods and Services Tax) is an integrated tax system i.e., replacing the many taxes already levied in India with only one tax, GST. GST was implemented in India on 1st July 2017, since then many changes have been made in it. GST Requirement.
Essay on GST: 8 Selected Essays on GST
Essay on GST - In India (Essay 2 - 250 Words) Introduction: The GST (Goods and Service Tax) is the historic tax reform of independent India introduced on 1st July, 2017. It emerges as the single taxation system to make the country a single market. It is seen as the definite step to revolutionize Tax Department and bring in transparency of ...
GST and Taxation in India: [Essay Example], 1538 words
The way Ahead Goods and Service Tax (GST) was rolled out in India on July 1st 2017, after several rounds of dead lock in the parliament. Observers have described the reform as the most meaningful change to India's tax regima since the country became independent in 1947.
GST Standing for Goods and Services Tax
Short Essay on GST in India - Essay 2 (150 Words) Goods and Services Tax, India is a uniform tax levied on goods and services, treating whole of India as one market. The tax came into effect from 1 st July 2017 and replaced the existing multi level central and state taxes. GST divides goods and services into five tax slabs - 0%, 5%, 12%, 18 ...
Essay on GST in English
Essay on GST in 250 words: GST is an abbreviation for Goods and Services Tax, India. It is a similar indirect tax, which is imposed by both the central and state governments, replacing different indirect taxes at different stages. GST considers India a big market, whatever it may be, after a uniform tax government across the country.
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The Goods and Services Tax Bill or GST Bill, also referred to as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, initiates a Value added Tax to be implemented on a national level in India. GST will be an indirect tax at all the stages of production to bring about uniformity in the system.
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Essay on GST 350 Words. India is transforming rapidly. Many initiative were taken by our government to make our country better and one of such initiative is GST bill. ... Across the globe, more than 150 nations have applied GST in their countries like Brazil, Canada, Australia etc have a dual GST taxation system, i.e state GST and Central GST ...
Essay on GST in English 250 Words for All Students
bySarah Smith -July 16, 2023. Essay on gst in english 250 words: Goods and Services Tax (GST) has been one of the most significant reforms in the Indian taxation system. In this article, we will discuss GST, its impact on the economy, and how it has affected businesses in India. We will also cover the different types of GST, its benefits, and ...

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