What is GST, GST Means, Rates & Tax, News, How It Will Affect, GST in Hindi

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In this post, we learn about what is GST? GST means, news about GST, How GST will affect and GST meaning in Hindi? – The present structure of Indirect Taxes is very complex in India. There are so many types of taxes that are levied by the Central and State Governments on Goods & Services.

We have to pay ‘Entertainment Tax’ for watching a movie. We have to pay Value Added Tax (VAT) on purchasing goods & services. And there are Excise duties, Import Duties, Luxury Tax, Central Sales Tax, Service Tax

In this post, let us understand – what is Goods and Services Tax and its importance. What are the benefits of GST Bill to Corporates, the common man, and end consumer? What are the advantages, disadvantages, and challenges?

What is GST?

It has been a long pending issue to streamline all the different types of indirect taxes and implement a “single taxation” system. This system is called as GST ( GST is the abbreviated form of Goods & Services Tax). The main expectation from this system is to abolish all indirect taxes and only GST would be levied. As the name suggests, the GST will be levied both on Goods and Services.

GST was first introduced during the 2007-08 budget session. On 17th December 2014, the current Union Cabinet ministry approved the proposal for introduction GST Constitutional Amendment Bill. On 19th of December 2014, the bill was presented on GST in Loksabha. The Bill will be tabled and taken up for discussion during the coming Budget session. The current central government is very determined to implement GST Constitutional Amendment Bill.

 

How is GST applied?

GST is a consumption based tax/levy. It is based on the “Destination principle.” GST is applied on goods and services at the place where final/actual consumption happens.

GST is collected on value-added goods and services at each stage of sale or purchase in the supply chain. GST paid on the procurement of goods and services can be set off against that payable on the supply of goods or services.The manufacturer or wholesaler or retailer will pay the applicable GST rate but will claim back through tax credit mechanism.

But being the last person in the supply chain, the end consumer has to bear this tax and so, in many respects, GST is like a last point retail tax. GST is going to be collected at the point of Sale.

The GST is an indirect tax which means that the tax is passed on to the last stage wherein it is the customer of the goods and services who bears the tax. This is the case even today for all indirect taxes but the difference under the GST is that with streamlining of the multiple taxes the final cost to the customer will come out to be lower on the elimination of double charging in the system.

 

How will GST help?

Goods and Services Tax (GST) is an indirect tax reform which aims to remove tax barriers between states and create a single market. For that to happen the constitution first needs to be amended to remove different layers of governments’ exclusive powers to levy taxes. Once this step is taken, the tax barriers between states and center and states will disappear.

 

Benefits of GST Bill implementation

  • The tax structure will be made lean and simple
  • The entire Indian market will be a unified market which may translate into lower business costs. It can facilitate seamless movement of goods across states and reduce the transaction costs of businesses.
  • It is good for export-oriented businesses. Because it is not applied for goods/services which are exported out of India.
  • In the long run, the lower tax burden could translate into lower prices on goods for consumers.

 

GST in Hindi

वस्तु और सेवा कर (जीएसटी) पर संविधान संशोधन बिल को कैबिनेट की मंजूरी मिलने के बाद शुक्रवार को लोक सभा में भी पेश कर दिया गया है। इसके साथ ही देश भर में जीएसटी को लागू करने की राह आसान हो गई है।
जीएसटी को इस दशक का सबसे अहम आर्थिक सुधार माना जा रहा है। जीएसटी लागू होने के बाद वस्तुओं और सेवाओं पर अलग-अलग लगने वाले सभी कर एक ही कर में समाहित हो जाएंगे।

इससे पूरे देश में वस्तुओं और सेवाओं की कीमतें लगभग एक हो जाएंगी। मैन्युफैक्चरिंग लागत घटेगी, जिससे उपभोक्ताओं के लिए सामान सस्ता होगा।

अप्रत्यक्ष कर की इस नई व्यवस्था से अर्थव्यवस्था को 60 लाख करोड़ रुपये का फायदा होगा। पेश है जीएसटी, अब तक इसके सफर और आगे की संभावना पर दीपक मंडल का विश्लेषण।

क्या है जीएसटी

जीएसटी एक वैट है, जो वस्तुओं और सेवाओं दोनों पर लगेगा। मौजूदा दौर में वैट सिर्फ वस्तुओं पर लागू होता है। जीएसटी दो स्तरों पर लगेगा।

एक केंद्रीय जीएसटी होगा, जबकि दूसरा राज्य का। इससे पूरा देश एकीकृत बाजार में तब्दील हो जाएगा और ज्यादातर अप्रत्यक्ष कर जीएसटी में समाहित हो जाएंगे।

 

क्या होगा फायदा

केंद्र के स्तर पर यह केंद्रीय उत्पाद शुल्क, सेवा कर और अतिरिक्त सीमा शुल्क और राज्य स्तर पर वैट, मनोरंजन, विलासिता, लॉटरी टैक्स और बिजली शुल्क को समाहित कर लगेगा।

केंद्रीय बिक्री कर (सीएसटी) खत्म हो जाएगा। प्रवेश शुल्क और चुंगी भी खत्म हो जाएगी। अलग-अलग टैक्स की बजाय एक टैक्स लगने की वजह से चीजों के दाम घटेंगे और आम उपभोक्ताओं को फायदा होगा।

सरकार की टैक्स वसूली की लागत भी घट जाएगी। जीएसटी दर का खुलासा नहीं हुआ है। ज्यादातर देशों में यह 14 से 16 फीसदी तक है।

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