GST
Taxation has been around since the days of kings. Governments cannot function unless people pay taxes. Governments plan and implement programs for the welfare of the people with the revenue generated through taxes. As far as taxes are concerned, there are 2 categories of direct tax and indirect tax. In this way, Goods and Services Tax (GST) Indirect tax. GST France introduced the first tax system in the world in 1954.
Currently, GST is implemented in more than 150 countries, including the United States, China, Australia, Canada, New Zealand, Singapore, and Myanmar. The tax is applicable. As far as India is concerned, the government led by Prime Minister Modi brought GST from July 1, 2017 under the theme of ‘One Nation, One Tax’. All taxes including Central Excise Duty, Additional Customs Duty, Service Tax, Entertainment Tax, Value Added Tax (VAT) are integrated into GST. There is
Single tax rate
GST is implemented by central and state governments across the country. is taxed. For all intra-state transactions i.e. Central GST. (CGST) by Central Government and State GST. (SGSD) is also levied by the State Govt. Its revenue is shared by the central and state governments. Integrated GST (IGST) is levied by the central government on inter-state transactions and import of goods or services.
As far as GST is concerned, the tax is levied in 4 stages (slabs) namely 5 per cent, 12 per cent, 18 per cent and 28 per cent. Chairman of the Economic Advisory Committee to the Prime Minister Bipak Debroy said that since the current taxation system is not able to meet the financial needs of the service sector for construction, GST should be brought in at one level i.e. without any exemptions. Recently informed.
Is it possible?
GST was formed on the basis of ‘one country one tax’. There are certain categories of tax rates which are uniformly levied across the country. If the Prime Minister’s Economic Advisory Committee Chairman is accepted, the GST will change from ‘one country, one tax’ to ‘one country, one tax, one tax rate’. It turns out. Is the ‘One GST, One Tax’ proposal feasible? Traders and public have commented on it.
The burden on the public will be reduced
Senthil, a wholesaler of foodgrains, said, “Goods-Service Tax (GST) currently has 4 types. Therefore, the price of some pods is high. This burdens the public, so they are reluctant to buy the products. The existing 4 types of taxes It can be reduced to 2. 5 per cent tax can be levied on products including food grains used by common people and 12 per cent tax on luxury goods. It will be good if the taxes are consolidated. Our business will also run smoothly. The burden on the public will also be reduced. The central government should take appropriate action in this regard.” said.
Alex, a food trader, said, “GST is burdened by 4 types of taxes. We need to consolidate them so that common people and traders are not affected. 4 types of taxes should be consolidated and reduced into one. This will benefit people from all walks of life. This is the case. Central and state governments should consult and take a decision,” he said.
To be taxed at the same rate
DA Senthil, a jeweller, said, “Common and middle-class people are affected a lot because GST is 4 categories. Not only common people but also traders are facing various problems. When we file accounts, we have to select the tax category in each mode. While doing so,
Server slows down and tasks don’t complete quickly. We are severely affected by this. GST is to solve this problem. Taxes should be consolidated and fixed under one category. It would be great to do this. Central government is doing well in tax reform matters. Doing this will make it easier for us to file tax returns. People will also have no difficulty. The central government should take note of these,” he said.
Gopinath, a cloth merchant, said, “Earlier, ordinary textile cloths were not levied. After GST, these cloths have also been taxed. They have imposed a tax of 5 per cent on them. This has affected our cloth business severely. Due to the increase in tax, the price of cloths has increased. “People don’t want to buy clothes. So we have to consolidate this GST tax and set a single tax. That is, only 5 percent tax should be levied,” he said.
Senthilkrishnamurthy from Mangaluru, Dakshinakannada district said, “The 4 types of GST tax of the central government is right. But the tax percentage is wrong. The correct solution has not been reached yet. If the tax rate is determined in consultation with the companies in the respective sectors before imposing the tax, those errors will be resolved. It will go away. It is not right to tell us to pay the tax for this month’s purchase next month. The tax is paid by the people in whose name we bill them. But it is not right to tell us to pay the tax received earlier. Due to the terrible confusion of the existing tax rate, the business people i.e. micro and small business people are in a difficult situation. A company tax “It is better if the government takes their tax directly from their bank account before construction. Overall, the small businesses have lost due to the existing tax rates. According to me, the old tax rate system is correct,” he said.
Economist opinion
Bangalore-based auditor and economic consultant Babu K. Devar said:-
GST on Goods Taxes are levied in 4 categories i.e. 5, 12, 18, 28. Some ask that these taxes be consolidated. As for me, I think it would be better if these 4 types of lines were combined into two. That means 5 percent tax can be levied on products like rice, pulses, soaps used by common people. Apart from those items, 18 per cent tax can be levied on luxury goods.
Will consolidation of these taxes reduce tax revenue for central and state governments? If not, I’ll just say no. Tax from 12 percent will go up to 18 percent. Tax will come down to 18 percent from 28 percent. The lower the tax on goods, the higher the tax
Goods tax will be reduced. This will correct the imbalances in tax revenue. By doing this, people from all walks of life will benefit.
This is what he said.