Essay on GST – Goods and Services Tax
GST stands for Goods and Services Tax, which provides more transparency in money and taxes on goods and services. It is a tax system that is an indirect or consumption-based tax. It was first introduced in 1954 in France. In India, GST was introduced in 2017, and more than 160 countries have adopted the GST.
Essay on GST- 100 words for classes 1, 2, and 3 kids
GST or Goods and Services Tax is a value-added tax on most goods and services sold for domestic use. It is a single tax system as it adds all the taxes together.
The tax is added to the product and is paid by the customer along with the sales price. The GST is then collected by the seller and is forwarded to the Government. Another name for GST is Value-Added Tax (VAT).
GST was established in India in 2017. The tax starts from 0% to 28% on different goods and services. It helps in reducing corruption in the country and also has transparency.
Essay on GST- 150 words for classes 4 and 5 children
Goods and Services Tax (GST) is a tax on goods and services sold domestically for consumption paid by consumers. It is one of the indirect federal sales taxes applied to the cost of specific goods and services.
GST is added to the product’s price and is paid by the consumer who buys the pro uctand sales price and GST. There are two types of GST systems: A unified GST system and a dual GST system.
GST was first introduced in France in 1954, and then it was implemented in more than 160 countries. GST system was implemented in India on 1st July 2017, the most significant reform in the Country’s Tax structure in decades. India implemented a dual GST structure.
The main objective was to eliminate tax on tax. Implementation of GST is also helpful in the reduction of corruption and is a transparent tax system.
Essay on GST- 200 words for class 6, 7, and 8 students
Goods and Services Tax (GST) was first implemented in France in 1954. GST is an indirect tax system used to replace all taxes like excise duty, VAT, service tax, etc. It is a tax that is levied on goods and services sold for domestic consumption.
In India, GST came into force o 1st July 2017 and was first implemented in Assam state. Along with India and France, more than 160 countries have implemented the GST structure.
GST in India was divided into five tax slabs- 0%, 5%, 12%, 18%, and 28% depending upon the type of goods and services. The rates are governed by the Government itself and charged according to interests.
The GST is added to the product along with its selling price by the business, and it is paid by the consumer while purchasing the goods and selling price and GST. The portion of the GST is then collected and delivered to the Government by the seller.
The GST proves to be beneficial in increasing the economy of the country. It is a transparent Tax system and helps in corruption reduction from the Government. It also makes the tax system simple and easy for everyone.
Essay on GST- 250-300 words for class 9, 10, 11, 12 and competitive exam Students
GST is Goods and Services Tax is an indirect tax levied on any kind of goods that we can eat, drink, touch, and buy- like food items, furniture, clothes, books, cards, CDs, Real Estate Printers, computers, and computer hardware.
The GST was first implied in 1954 by France, and after that, more than 160 countries indicated the GST structure. GST was meant in India on 1st July 2017 and is declared as GST day in India.
Assam was the first state to implement GST in India. The GST follows uniform tax rules for specific products across India.
There are two types of GST structures in the world. They can be classified as:
Unified GST system
This is the GST system which emerges all the taxes, including central taxes (sales tax, excise duty, and service taxes) with State-level taxes (entertainment tax, Sin tax, Transfer tax, luxury tax) and collects them as one single tax.
Dual GST System
It is a tax system in which tax is collected by the Federal Government and is then distributed to states. In this tax system, federal GST is applied in addition to the sales tax.
The main objective of the implementation of GST in India was to eliminate tax on tax or double taxation, which cascades from manufacturing levels to consumption levels.
The GST in India is divided into five tax slabs- 0%, 5%, 12%, 18%, and 28% depending upon the type of goods and services, which the Government governs, and its charges and rates are also fixed by Government as follows:
- 0% tax on foods, books, newspapers, homespun cotton clothes, and hotel services.
- 0.25% tax on cut and semi-polished stones
- 5% tax on household necessities
- 12% tax on computers and processed food
- 18% tax on toothpaste, hair oil, soap, etc.
- 28% tax on luxury products, refrigerators, ceramics, cigarettes, cars, etc.
- Instagram से पैसे कैसे कमाए
- Google से पैसे कैसे कमाए
FAQs regarding GST
What is GST?
Ans. GST stands for Goods and Services Tax. It is an indirect tax levied on the goods and services sold for domestic consumption.
What are the benefits of the implementation of GST?
Ans. GST helps in increasing the economy of the country. It is a transparent tax system, so it also helps in the reduction of corruption from the Government and makes the tax system easy.
How GST reaches the Government?
Ans. The GST is added to the product along with its selling price by the business, and it is paid by the consumer while purchasing the goods and selling price and GST.
The portion of the GST is then collected and delivered to the Government by the sellers with the invoice.
When is GST day in India?
Ans. GST was implemented in India on 1st July 2017. And hence this day was declared as GST day in India.
How is GST divided between India?
Ans. The GST in India is divided into five tax slabs- 0%, 5%, 12%, 18%, and 28% depending upon the type of goods and services, which is governed by the Government, and the Government also fixes its charges and rates