GST bill means Goods and service tax- brief introduction, policy reviews, benefits , objectives of GST[Everything about GST in details].
Every details is here which you should know how GST affect and benefits all kinds of business and real estate that is good decision of central government and GST bill passed with majority in parliament.
So, let’s know everything
What is GST?
“G”- means Good
“S”- means Services
“T”- means Tax
“GST”- Goods and service Tax that is a historical tax levy on manufacture, sale and consumption of goods and service at country level without any margin because it will be applicable on all kind of goods and service for levy taxes.
The first proposal is made by empowered committee of state finance minister on 10.11.2009 because structure of indirect taxes is very complex in India because various types of taxes levied by Central and state governments on products, goods and services.
First, GST constitutional Amendment Bill was passed by Lok sabha ( Central parliamentary board) on May 2015 but due to not majority of NDA government in Rajya sabha ( the house of state) later on many debates on it. Finally GST bill was passed by Rajya sabha ( the house of state) on 3 Aug. 2016.
Objective of GST:
Major objective of GST to eliminate doubly taxation that affects the production and distribution costs of goods and services. GST bill come in existence to replace already implemented tax structure is not only required but also imperative.
Most countries already used this tax structure and first, France introduced GST in 1954 and almost 150 countries implemented it.
Benefits of GST:
- Reduce transaction cost and other unnecessary wastage.
- Eliminate the multiplicity of taxation doubly form.
- Only one single tax is levyable.
- Minimize tax burden on manufacturer, seller and distributor etc.
- Corruption is in very big dose in country that also will be eliminated.
All important point is covered above if you have any question please ask! Need more info please visit here: GST Bill detail