Dbms GST Asignment

On 1st July 2017, launched Goods and Service Tax 2017 only one purpose in the eyes
of Government and finance minister make One Nation One Tax.

Introduced new Indirect tax in replacement of service tax, excise and VAT etc. main
purpose of GST come into force on to stop the cascading effect of tax
(double taxation) and cascading effect. But obviously, anything has two sides or
we can also said that every coin has two sides. In GST also there is two
sides (i.e Boon or bane) one is good for nation and useful for grow our economy &
completely abolish the cascading effect and second is difficulties to
adopt new tax in one night, in new GST regime taxpayers facing issues to adopt the
law/act/tax. As per research and figures of revenue of indirect tax
after coming GST implementation drastically change and observed that growth in
number of revenue.Why GST implementation is BOON to our Economy Goods and
Service tax is universally known as GST which is consumption based tax currently
used in on the supply of goods and service. It is comprehensive tax
because it has subsumed almost all the indirect tax except a few state taxes.
Before this tax model there are two types of tax in India which is levied
by the government in different way. Old tax system of India is lengthy and
complex, to file tax individual has suffered some paper work which is typical
for common man. This paper compared current GST Framework and old taxation system
and describes its impact on Indian economy in brief. However researcher
observed also earlier studies. More than 160 countries have implemented GST so
far. However, the idea of GST in India was mooted by Vajpayee government in
2000 and after having much discussion with different party it was passed on Aug 4,
2016 by the Rajyasabha. Finally India had implemented GST
from 1 July, 2017. In our mind question coming, GST implementation is BOON or
BANE. As per results and drastically change in figures of revenue
from Indirect tax is positive impact happen after coming GST is boon for Indian
Economy. The gross GST revenue collected in the month of June 2022
is U44,616 crore of which CGST is 125,306 crore, SGST is 132,406 crore, IGST is
175887 crore (including 140102 crore collected on import of goods)
and cess is 111,018 crore (including t 1197 crore collected on import of goods).
The gross GST collection in June 2022 is the second highest collection
next to the April 2022 collection of t 1, 67,540 crore. Major tax reform in India
There are 160 countries that have implemented GST. France was the first
country who introduces GST in1954. Only Canada has dual GST model (India is also
implemented Dual GST Model).GST Rates are usually between 5% – 28% generally.
Goods and Service Tax (GST) has been introduced in India w.e.f.lst July, 2017. It
brings out a new era of indirect taxes in India. It combines a mixture of
indirect taxes and allows tax-credit against goods as well as services. It is
levied at all stages right from manufacture up to final use with credit of
taxes paid by at previous stages available as set-off. In short, only ‘value
addition’ will be taxed and it is to be borne by the final consumer. The
final consumer will, however, bear only tax charged by the last dealer in the
supply chain with the ‘set-off benefits that are allowed at all the previous
stages. This is an indirect tax that will make India a united general market. We
hope this new tax is beneficial not just for the common man but for the
whole country. Impact of GST on Indian economy-Positive aspects 1) Redesign
Indirect Tax structure: By subsuming majority of indirect taxes like Excise
duty, Service tax, Sales tax, VAT, Purchase tax GST reshape the indirect tax
structure 2) Removal of Double Taxation: Under the old tax structure every
invoice had the value of goods came as well as services. Both of these attracted a
rate of 70% each giving a total rate of 140%. Under the current taxes
are unified under the supply of services and the taxation system is unified. 3)
Greater tax revenues: GST has made simple tax structure. Due to this simple
tax structure, the tax revenue of government has increased as the number of
taxpayer
Negative GST impacts- we can say BANE to the Economy 1) Lack of centralized
registration: the previous taxation system allowed the taxpayer to register
form all over the country via central authority however, with the implementation of
GST,Taxpayer have to register GST from their state and pay the central
tax. 2) Taxation for Free Services: Even if a particular provide any services for
free they are still eligible to tax for it. 3) Service Costs to
Consumer: The rates of taxes to the end customers will increase. The GST is
destination based tax which means the tax burden falls on the end customer.
Conclusion:- In this way GST law or act going to have a changes in economy and
taxpayers take some time to habituate for new positive changes in indirect
taxation and council member or committee working on that in five years of GST
regime for making simple indirect taxation in India. In day to day activities
taxpayers facing challenges in new GST regime, then GST council make respective
change for making simple tax by issuing certain notification, circular.
Looking at the five years completed journey to GST, mostly all taxpayers are on
track to follow law and facing challenges is reduced compare to new GST
regime. It is going to shows positive impact on our economy.

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On 1st July 2017, launched Goods and Service Tax 2017 only one purpose in the eyes

of Government and finance minister make One Nation One Tax.

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