Latest News
-
Tata Communications Q4 Profit Slips 1.5%, Revenue Up 24.6%; Dividend Announced -
India Updates FDI Policy to Boost Foreign Investment in Space Sector -
Jindal Stainless Achieves Reduction of 2.4 Lakh Tons in CO2 Emissions Over Two Fiscal Years -
Rs 150/Share Dividend, Yield 4.03%: 94-Yrs Old Tobacco Co To Consider Dividend, PE Is 20.37 -
Gold Prices In US: Yellow Metal Rates Steady Amid Geopolitical Uncertainty, Dollar Strength -
Israel-Hamas-Iran War: Gold Prices Up Rs 4,750 In 2 Weeks, Near-Term Target Rs 75,300; Yays And Nays For Rally -
EPFO Raises Partial Withdrawal Limit For Medical Treatment To Rs 1 Lakh -
Rs 24.50/Share Dividend: Maharatna Multibagger PSU To Mull Dividend, Buy For TP Rs 520 -
Silver Prices India, Ram Navami: Next Big Target Of 1 Kg Silver Is Rs 6,500 Away From Rs 1,00,000: Technicals -
NPCI Takes Steps To Address Duopoly Concerns In PhonePe, Google Pay
What is GST or Goods and Services Tax?
It's so often in the news these days, it's just that you cannot ignore writing about it. GST or the Goods and Services Tax is touted as one of the biggest tax reform initiatives the country would have.
The GST is an indirect tax and will replace a host of taxes like excise duty, service tax and value-added tax (VAT).
The GST would be a comprehensive mechanism whereby tax on manufacturing and services would be levied at the national level.
The implementation of GST would help avoid taxes and prevent widespread corruption that takes place through different levy of taxes across the centre and states.
According to a report in the Hindustan Times the Implementation of a comprehensive GST would lift India's economy of over $1 trillion by between 0.9 percent and 1.7 percent, on top of whatever growth would otherwise be achieved, according to a report by the New Delhi-based economic think-tank the National Council of Applied Economic Research.
A number of delays have taken place in arriving at a consensus on GST, as state governments have had certain reservations especially regarding revenue sharing.
Exports will be exempted and would not fall under the purview of GST. Also, direct taxes, such as income tax, corporate tax and capital gains tax will not be affected.
The GST is to be implemented through a Constitutional Amendment Bill, which means it needs to be approved by not less than two-thirds of the members present and voting in each House of Parliament.
GoodReturns.in
