GST - History and Benefits

GST (Goods & Service Tax) is a tax which is apply on the supply of goods and services from the manufacturer to the consumer. Th...


GST (Goods & Service Tax) is a tax which is apply on the supply of goods and services from the manufacturer to the consumer.

The input taxes paid at the each stage and at an each stage it will add the value so the final consumer will bear GST charge by the last dealer only.

Benefits of GST:

  1. Makes business easy: It makes easy for the business and industries. All tax payer such as returns, payments, registration etc. would be available online so it become an easy and transparent for businesses and industries.

  2. Uniformity of structure and rates of tax: GST would be the same for all. It is common across the India. So it increase the easiness of doing the business.

  3. Profit to manufacturer and exporters: It increases the profit of manufacturers and exporters’ indirectly. It would also decrease the cost of local manufacturer and so that it will increase the competitiveness of Indian market and international market so it give boost to the Indian exports.

  4. Simple and easy to manage for governments: GST would be more simple to manage or administer than the all other indirect taxes of the governments because GST replace the indirect taxes.

History of GST:

GST was introduced by the France in 1954.Almost 152 countries introduced GST since now most countries have an unified system of GST. Brazil and Canada only two country follow the dual tax system.


GST rates of different countries:
Country
Rate of GST
India
18%
Australia
10%
France
19.6%
Japan
5%
Singapore
7%

The GST is the key things to catch the attention of the market. The government keep the large number of items under the 18% slab of tax.

No tax: there is so many items on which no tax would be implemented like meat, fish, chicken, milk, eggs, butter, bread, flour, books, newspapers etc. The services like hotels with the below 1000 exclude the tax

5% tax slab: items like cream, milk powder, branded paneer, coal, medicines, etc. has a 5% tax and services like transport, small hotels and restaurants will be under the category of 5% tax.

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Vyas Infotech: GST - History and Benefits
GST - History and Benefits
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