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Everything You should know about GST
by Talent Magnifier Talent Magnifier Do you even look at the bill receive when you buy anything? Well, if you do there are a lot of taxes specified in the bill like service tax, luxury tax, and sales tax. This taxation needs system was so confusing that none but the experts would only be able to understand it. Wiping all the confusion GST was introduced. Goods and service tax is one of the most talked about topic in the nation. It is just a little different from the taxes that we were paying for the earlier parts of our life.GST can be understood as the only
fixed tax that we will be paying. It scraps out all other taxes and makes the
taxation system a lot simple and robust. Moreover, it will become the lot
easier for the common man to understand. More than everything it was about time
that the taxation system changes.
The complexity in calculating your
bill will be drastically reduced. The GST will on the goods or the service that
you are billed for. But even after all this, many have in mind that what is the
real benefit of introducing a new taxation system when we had everything going
smoothly.
GST has its own and rather massive
advantages.
• Simple taxation system - even common man has the right to
understand that where or why he is paying. The system followed till now made it
a lot difficult for everyone to understand it. But with the introduction of GST
everyone can at least make out how much tax are they paying. All taxes clubbed
in one will surely help in making people understand it.
• Less corruption - for every tax a separate department
was needed to manage and calculate it. Each department was responsible for a
type of tax which if clubbed under one will also eradicate all separate
departments. If you want to get Accounts
& GST Training Course in Delhi, then you should join Talent Magnifier. And
as a common fact lesser number of departments directly means that corruption
will be drastically decreased.
•
Transparency - when the entire indirect taxes
club under one head then it becomes easy even for a less educated man to
understand how much is he going to pay. This makes the system transparent.
•
Uniform tax- irrespective of the location of a
city the taxes will be the same. The pre decided GST will be implemented
throughout the country without any factor into consideration.
•
The advantage to the poor- previously the poor and the rich
had to pay the same amount of taxes. But with GST into system poor will be
paying less GST as the percentage will be more over the luxury items which of
course only the rich can afford.
As the GST is uniform throughout the
country it will help boost the GDP of the nation by at least 1-2%. The
financial pundits say that this GST bill will help to boost the economy of the
country. This bill will also help in creating awareness among the people of
this country.
Even if almost no one paid enough
attention towards the indirect tax they pay. It is very important for them to
know how much the indirect tax upon their purchase is. This basically is an
initiative of the government to take the money from the rich sector of the
country and distribute it to the poor people.
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About Talent Magnifier 
Talent Magnifier
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Created on Sep 5th 2018 05:22. Viewed 435 times.
