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.