Skip to main content

Essay about Sri Lanka Economic Crisis

  Essay about Sri Lanka Economic Crisis On March 31st hundreds of protesters gathered outside Sri Lankan president Gotabaya Rajpaksha's residence in Colombo.  Many in the crowd were holding posters with anti-government slogans and were chanting gotta go home in sinhala  The protesters demanded that the government stepped down immediately for mishandling the country's economy  a day after president raja paksha declared a state of emergency  Sri Lanka is witnessing its worst economic crisis since independence, the island nation had announced a nationwide 13-hour daily powercut from March 31st  there is an acute shortage of food, fuel, and cooking gas.  Several hospitals have had to suspend routine surgeries as they have run out of life-saving medicines authorities had to cancel examinations for millions of students due to a shortage of paper  During the first wave of the pandemic, thousands of Sri Lankan laborers working in several West Asian countries were forced to return home 

GST how will it work in india?



GST how will it work in india?

 What is GST? 
• Central taxes replaced by GST Bill and state taxes subsumed by it. 
• The Lok Sabha passed the GST Bill. 
• Provisions of the Bill. 
• Benefits of GST 
(i) For Industries and Businesses. 
(ii) For Central and State Governments. 
(iii) For the Consumers 

Goods and services tax (GST) is an indirect tax when a customer buys a good or service. The current tax situation in India is covered by various types of indirect taxes, which aims to cover all these taxes with a comprehensive tax in a comprehensive India under the same umbrella. The bill aims to remove cascading offices at the cost of production and distribution of goods and services.

Taxes have a wide-ranging impact on the various fees paid by the state and central government. This tax structure increases the tax burden on Indian products, influencing their prices and, consequently, selling them on the international market. So the new tax tariff will help promote export. In the changed scenario, the following taxes under the Centers and States will be included in the GST.

Instead of central tax, the GST bill is replaced by a central excise, surcharge on duties and duties, surcharge on customs duty (SAD), service tax and surcharge on the supply of goods and services.


GST bills were received on VAT, central sales tax, purchase tax, tax, luxury tax, entry, entertainment tax, advertisement tax, lottery, betting, gambling, and state tax revenue and surcharge.

The Lok Sabha has passed the Constitution (122nd Amendment) (GST) Bill, 2014 in 8TB. August 27. The bill was passed with a two-thirds majority by voting for that member and with no one voting in the final vote. Introduction to the Lok Sabha.


On May 27, the bill was passed by the Rajya Sabha on August 3, 2016, with 203 votes, and there was none to the contrary. With the passage of this historic GST Bill, the path to the concept of a nation, a tax, has now become easier.


The Central Government has set ambitious targets for abolishing the Goods and Services Tax (GST) from April 1, 2017. This was announced after Union Finance Minister Arun Jaitley unveiled a detailed road map for the implementation of GST. The announcement was made after the passage of the Constitution (122nd Amendment) (GST) Bill, 20.

GST how will it work in india?


Provisions of the Bill.

• The GST will have two components keeping in mind the federal structure of India: the Central GST (CGST) and the State GST (CGST). 
• For goods and services that pass through several states or imports, the Centre will levy another tax, the Integrated GST (IGST). 
• Alcohol for human consumption has been kept out of the purview of GST. 
• It empowers the centre to impose an additional tax of up to 1% on the inter-state supply of goods for two years or more. This tax will accrue to states where the supply originates. 
• Initially, GST will not apply to some products such as petroleum crude, 
high-speed diesel, motor spirit (petrol), natural gas and aviation turbine fuel. The GST Council will decide when GST will be levied on them. 
• Tobacco and tobacco products will be subject to GST. The centre may also impose excise duty on tobacco. 
• Parliament may provide for compensation to states for revenue losses arising out of the implementation of GST for up to 5 years, based on the recommendations of the GST Council. 

Benefits of GST For Industries and Businesses 

• There will be uniformity of tax rates and structures across the country. It will increase certainty and ease of doing business i.e. make it tax neutral, irrespective of the choice of place of doing business in the country. 
• Due to the removal of cascading, it will have a system of seamless tax-credits throughout the value-chain, and across boundaries of States. It will help to reduce the hidden costs of doing business. 
• It would make compliance easy and transparent. The GST regime will have a robust and comprehensive IT system. Therefore, all taxpayer services such as registrations, payments, returns, etc will be available to the taxpayers online. 
• It will reduce transaction costs of doing business that will eventually lead to improved competitiveness for the trade and industry. 
• The subsuming of major Central and State indirect taxes in GST would reduce the cost of locally manufactured goods and services. It will increase the competitiveness of Indian goods and services in the international market and give a boost to Indian exports. 


For central and State Governments. 



• GST Backed with a robust end-to-end IT system will be simpler to administer than all other indirect taxes of the Centre and State levied so far. 

•The robust IT infrastructure of the GST regime will result in better tax compliance that will curb leakages and incentivize tax compliance by traders.

• GST will lead to higher revenue efficiency as it is expected to decrease the cost of collection of tax revenues of the government.

For the consumer

• Single and transparent taxes compared to support services, due to the value of the material of the goods: this will remove many hidden taxes leading to transparency of taxes payable to the end customer.

• Efficiency The overall tax burden of most materials will be reduced as consumers will benefit from achieving efficiency and preventing leakage.

Charges for products and services include all components of the modern, diversified tax regime. However, its success will depend on taking all stakeholders on board and eliminating all the troubles that go against the GST policy. The Goods and Services Tax will also contribute to strong macro-economic parameters, which will boost investor sentiment. Ultimately, consumers will be the ultimate beneficiaries as it will remove the intensifying tax effect.

Comments

  1. I am very grateful that I found some helpful content about GST and taxation. After reading it, I think that you have good knowledge. Thanks for sharing information about this mobile application. Free GST billing software

    ReplyDelete

Post a Comment

Popular posts from this blog

My vision for India in 2047 postcard

  My vision for India in 2047 postcard "Our pride for our country should not come after our country is great. Our pride makes our country great." Honourable Prime Minister, Mr. Narendra Modi Ji, As we all know that India got independence in 1947 and by 2047 we will be celebrating our 100th year of independence. On this proud occasion, I would like to express my vision for India in 2047. My vision for India in 2047 is that India should be free from corruption, poverty, illiteracy, crime and everything that India is lacking.   My vision for India is peace, prosperity and truth. My vision for India is that no child should beg, no child should be forced into bonded labour. My biggest dream is to see women empowerment in all fields for India where every person gets employment opportunities. My vision for India is that everyone should have equal respect, there is no discrimination of caste, gender, colour, religion or economic status, I want India to be scientifically advanced, tec

Essay On My Vision For India In 2047

  Essay On My Vision For India In 2047  "India will be a developed economy,  On the basis of love and harmony." Our country India became free from the slavery of 200 years of British on 15th August 1947. Independence is about to complete 75 years. On this occasion, the entire country is celebrating the Azadi ka Amrit Mahotsav.  After 25 years, in the year 2047, it will be 100 years since the country got independence. The coming 25 years are the Amrit Kaal for the country. Although the country is on the path of continuous development for the last 75 years, but in the coming 25 years, we Indians will have to become as powerful as we were never before.   With regard to the year 2047, we have to set a target that after completing 100 years of independence, where do we see India. For this, everyone will have to work together for the development of the country so that the spirit of unity arises in us and gets rid of fragmented thinking. In fact, the goal of this 'Amrit Kaal'

Education should be free for everyone Essay

Education should be free for everyone The word education is derived from the Sanskrit root "Siksha". That is, to teach. The process by which learning and teaching take place is called education. Education is an important tool that is very useful in everyone's life. Education is what separates us from other living beings on earth. A child must receive an education so as to develop social awareness, increase in knowledge, better decision-making skills, proficiency in work thus becoming a better citizen. Education is a great weapon for the people but is motivated by corruption to make the country better. All the people of that country must be educated in many circumstances, they are not able to get it. Maybe, if this education is free, then the country will be a developed country which will take the country in the right direction. Only through education we can make our dreams come true, without education we can give new conditions and direction to life, we cannot achiev