blog comments powered by
GST or the Goods and Services Tax is a proposed system of indirect taxation in India with a vision of merging together all the existing taxes into a single system of taxation. The GST was introduced by The Constitution (One Hundred and First Amendment) Act 2016. GST is a type of indirect tax and Indirect taxes generally comprise of taxes levied on goods and services rather than income or profits (such as sales tax, per unit tax, value added tax (VAT) etc.
There is a lot of commotion in relation to GST. Rather than trying to know what it is, people go by the rumor mills. We wouldn’t be surprised to know that among our readers very few know that more than 3/4th of all the nations in the world have adopted GST and/or VAT.
Ingesting this information might have been difficult for you but now that you have let us take you in further. A total of 160 nations across the globe have adopted GST and/or VAT. The uniformity brought about by these reforms have a great impact on the economy, it becomes a common market, leading to economies of scale in production and efficiency.
With less than 50 days remaining more and more people are trying to know and understand this system. They are trying to ascertain how it would impact them? It is a common tendency that laws that have a transcendental impact on the economy are not easily adapted, considering the importance of the law, the government has time and again tried to facilitate a smooth transition. It has recently announced that the registration process for GST would take place again in the next month. This would not only generate revenue but also give a second chance to those who missed the first opportunity. The overall acceptance of GST is dependent on the spread of awareness among the masses, this being a gradual thing cannot be expected to happen in a day.