How will GST affect our day-to-day life? Vishesh Jangir

 

GST (Goods and Service Tax) in India is regarded as one of the largest taxations that has taken place in India and also passed by the Indian Government. India has adopted two GST that means GST will be administrated both by the State Government as well as by the Central Government.

In keeping the federal structure of India, it is proposed that the GST will be issued both by the Central Government (CGST) and the State Government (SGST). Prime Minister Narendra Modi introduced GST in India on the midnight of 1st July 2017.The development of GST took many negotiations as well as revisions before getting launched in India in its final form in the year 2017.

Goods and Service Tax (GST) is an indirect tax in India imposed when a customer buys a good. GST is regarded as an indirect tax imposed on the sale, manufacture, buying of goods. The aim of GST is to remove all the indirect taxes imposed on goods by the Indian Central governments and State governments.

There are three taxes that are applicable under the GST and they are as follows:

  1. CGST: CGST is the tax collected by the Central Government of India.
  2. SGST: SGST is the tax that is collected by the State Government of India.
  3. IGST: This is the tax that is collected by the Central Government of India for an inter- state sale.

GST affect our day-to-day life through the following ways:

  1. Going out for eating got expensive.
  2. Phone bills to get expensive.
  3. Readymade garments to get cheaper.
  4. Buying car is cheaper.
  5. Buying phones to get expensive.
  6. Jewellery to get expensive.

The main objectives of GST in India are:

  1. To remove Indirect Tax issues.
  2. Increase the number of tax payers.
  3. To entertain consumption-based tax rather than manufacturing.
  4. Diminish Tax corruption.

Besides, Goods and Service Tax (GST) in India is not only business friendly but friendly to consumer as well. Moreover, India has taken adoption of two GST model that means both the Central government as well as the State government can administrate it. Hence, GST increased both demand as well as consumption of goods which will improve the economy of India in the long run.

In keeping the federal structure of India, it is proposed that the GST will be issued both by the Central Government (CGST) and the State Government (SGST). Prime Minister Narendra Modi introduced GST in India on the midnight of 1st July 2017.The development of GST took many negotiations as well as revisions before getting launched in India in its final form in the year 2017

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