What is GST(goods & service tax)? How does it work??

Today India's biggest topic is GST. EVERYBODY Wants TO Know that, what is GST and how does GST effect on our economy.

It's take only 5 minutes, to know what is GST? 

GST HISTORY:-

France was the first country to
introduce this system in 1954.
Nearly 140 countries are following
this tax system. GST could be the
next biggest tax reform in India.
This reform could be a continuing
process until it is fully evolved. 

  

What is GST? AND HOW DOES IT WORK??

GST is one indirect tax for the whole
nation, whic'h will make India one unified
common market.
GST is a single tax on the supply of goods and
services, right from the manufacturer to the
consumer. Credits of input taxes paid at each
stage will be available in the subsequent stage
of value addition, which makes GST essentially a
tax only on value addition at each stage. The
final consumer will thus bear only the GST
charged by the last dealer in the supply chain,
with set-off benefits at all the previous stages.


BENEFITS OF GST??

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 is good for export oriented
businesses.
In the long run, the lower tax
burden could translate into
lower prices on goods for
consumers.
The Suppliers, manufacturers,
wholesalers and retailers are
able to recover GST incurred
on input costs as tax credits.
It can bring more
transparency and better
compliance.
Number of departments (tax
departments) will reduce
which in turn may lead to less
corruption...!!!

Hope, you will understand that what is GST...

Author
Raghav Garg