Central GST levied by the Centre and State GST levied by the states. This is also referred to as taxes on taxes. The bill proposes an additional tax not exceeding 1 on inter-state trade in goods, to be levied and collected by the Centre to compensate the states for two years, or as recommended by the GST Council, for losses resulting from implementing the GST. Manufactured goods could become cheaper, lower logistics and tax costs. Some sellers do not even ship to particular states. The Centre has taxes like Income tax, service tax, central sales tax, excise duty and security transaction tax while at the State level it includes VAT or sales tax, octroi, state excise, property tax, entry tax and agriculture tax. From the consumers point of view, the advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25-30. Ncaer pegs this.9-1.7 thanks to the elimination of tax cascading.
This essay on Goods and Services Tax explains everything you need. Will in turn benefit the social and economic growth of the country. 1000 Words Essay on GST Bill 2017 India in English for students. Removal of the Cascading Tax Effect is another advantage of GST.
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Roadblock to the introduction of essay on advocacy in nursing GST. There would be reduction in cost of manufacturing both from a tax view as well as compliance front. The current 2 inter-state levy means production is kept within a state. With all concerns and worries, it is still a histrionic move to make India one of the most favourable investments and manufacturing destination. The main hurdle in the implementation will be the coordination among different states. Unified market: With the implementation of GST, there will be cut down of individual taxes imposed by the central government as well by the states. Removal of location bias approach: GST would help to even out the tax structures across various states, omitting location bias.
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