Basic concept of GST in just 5 minutes

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GST QUICK OVERVIEW.

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India is marching towards the progress with the lightning speed. After the  demonetization , the GST bill is one the biggest tax reforms in India since the independence.  The GST bill is supposed to boost up the Indian economy is coming years. According to the GST bill, all the complex and multiple indirect taxes were replaced by one ultimate tax which is GST. We have written this article in simple English language to make you aware of whatever you wanted to know about the GST and its various aspects like its meaning, definition, impacts, benefits, advantages, flaws, disadvantages etc. GST created a buzz in the Indian economic market for sure and news media covering it to the fullest, we can see that GST going to be one of the top topics for speech, essay competitions for commerce stream students, UPSC, SBI PO type of higher exams can also you can expect essays on this topic. I think you should expect Impact, Risk, Effect History, Evolution of Demonetization and GS...
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WHY IS GST A BIG DEAL?

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WHY IS GST A BIG DEAL? GST is a comprehensive, multi-stage, destination-based consumption tax on levied at every stage of value addition in the lifecycle of a product. To understand this better, let us look at each of the terms in detail: Comprehensive: GST will subsume all of the current indirect taxes. Plus, by bringing in a unified taxation system, across the country, it will ensure that there is no more arbitrariness in tax rates. Multi-stage: GST is levied each stage in the supply chain, where a transaction takes place. Value-addition: This is the process of addition to the value of a product/ service at each stage of its production, exclusive of initial costs. Under GST, the tax is levied only on the value added. This is done through Destination-based consumption: Unlike the current indirect taxes, GST will be collected at the point of consumption. The taxing authority with appropriate jurisdiction in the place where the goods/ services are finally consumed will collect...
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GST VS CURRENT INDIRECT TAX STRUCTURE

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GST VS CURRENT INDIRECT TAX STRUCTURE To understand GST, it is important that we understand the current indirect taxation system. Direct taxes such as income tax are borne by the person liable to pay the tax; this means that the tax burden cannot be shifted to anyone else. The liability of an indirect taxes on the other hand, can be shifted to another person. So, the person liable to pay the tax can collect the tax from someone else and then pay it to the government; thus shifting the tax burden. The GST tax falls in this category. The current indirect tax structure, which comprises of so many different taxes, can be classified as: Central taxes: levied by the Central govt (includes Central Sales Tax, Excise Duty etc.) State taxes: levied by the various state govts (VAT, Service Tax, Octroi) The current indirect tax has one major problem - the casacading effect. When you buysomething, you pay a tax on tax itself. Let’s understand this with a hypothetical numerical example S...
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