Goods and Service Tax...!!!

Good and service tax brought about a  great revolution in the history of Indian taxation. Gst brought about the notion of "one nation, one tax".
Gst breaking the barriers of all the interstate and cascading effects of taxation barriers. The history of GST could be taken back to July 2000,when the Government of India set up the empowered committee of finance minister with the honorable state finance minister of West Bengal, Karnataka , Madhay Pradesh Maharashtra, Punjab, Uttar Pradesh Gujarat Delhi Amd Meghalaya as well
. Gst across the country having twenty-nine states and seven union territory proved out to be biggest revolution in todays tax world. Excise Duty, Service Tax, Value Added Tax, and other indirect tax summed up and gathered into one tax system i.e GST.
GST not only making the tax structure simple , it not only  made filling the returns , book-keeping easier but also consumers would be paying less for the goods and services, and the government would generate more revenues as revenue leaks would be plugged.
Various authorities have been made to look up at the GST application in the country, also  various act has been passed by the government for compensating the loss arising out due to the introduction if GST in India i.e The Good And Service Tax  Compensation Act 2017. Most countries have unified GST regime and Indian follows dual GST mode. Thus GST was therefore proposed keeping in mind the constitutional requirements of fiscal federalism. The  legalisation were given assent by the President which are:
1. The CENTRAL GOOD AND SERVICE TAX (CGST ACT 2017)
2. THE INTEGRATED GOOD AND SERVICE TAX( IGST ACT 2017)
3.THE  UNION TERRITORY GOOD AND SERVICE TAX (UGST ACT 2017)
On priority, it is up to the government to address the capacity building amongst the lesser-endowed participants, such as the small-scale manufacturers and traders. Ways have to be found for lowering the overall compliance cost, and necessary changes may have to be made for the good of the masses. GST will become good and simple, only when the entire country works as a whole towards making it successful.

Gst brought about changes to the market in the economy where the burden of tax is being lowered down from the manufacturers , cutting down the tax slabs on the production of goods and services. Where as common man is  still trying to understand the impact of gst in their daily life and they still believe gst would bring about a positive impact on them.According to previous indirect tax regime entire country had different tax, Different tax rates which common man could not understand properly but now due to the invention of GST entire country would have one tax which would make easy for common man to understand.At this initial stage, it may be difficult for the common man to understand benefits of GST however, in the long run, it will become extremely beneficial.It is said that GST implementation will help in smoothening the tax laws and curb most of the illegal transactions. Gst thus would bring a great success in India soon.

Article by:-
Ravi Dadhwal.