Goods And Service Tax [ GST ]

Indian Government is now a days is in concern with reforming India’s Indirect Taxation System. This is being done by GST which stands for Goods And Service Tax, which is comprehensive Indirect tax to be levied on manufacturing, sales, consumption of goods as well as services rendered in India. This Act or reform on taxation policy will replace all indirect taxes which are been levied on Good and Services By the Union and States Government. In another words it will eliminate the gaps in pricing policies of different states of India as being replaced by one.

In 2000 GST is being represented first time Discussion on this is being initiated by VAJPAYEE Government under Empowered Committee, which was given the task for designing the GST model. Keeping this Objective in view, Mr. P. Chidambaram, the former Union Finance Minister, during the Union Budget 2007-2008 promised to form a road map for introduction of GST in India. And the bill has been introduced in 2014 to the Lok Shabha by Finance Minister Arun Jaitley, And has been Passed with a backout of Congress From Lok shabha and will be presented to Rajya Sabha now.

Since it s being a taxation reform, people will be more concern about the Tax rate will be prevailing, Mr. Jaitley in his presentation speech for GST bill stated that it will be of 27% but can be anticipated by the Gst committee will be formed to 18%. And the revenue earned will be divided among State union in 6:4 ratio. The revenue is being anticipated to be $15 billion a year.

This will benefit Indian Economy, as it will represnt Indian market as only a single Market not different pated or divided market due to vital tax systems. By ending up with it we will wait it to be passed by Rajya shabha which is being a great Challenge for government as they are not in majority in House. But it doesn’t make sense When those people are in power Supporting GST now, opposing it, Its being same policy =, yours policy areyou wrong that time or just you don’t want to make them work.

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