Amalgamation of GST rates: Benefits and Consequences?10 M

-

 Rationalization of GST Rates of Goods and Services:


The GST rates on goods and services were fitted into 5 slabs i.e. Nil, 5%, 12%, 18% and 28%, largely based on the pre- GST cumulative indirect tax incidence both of Central and State taxes, including the embedded taxes, which are subsumed in GST, so as to ensure revenue neutrality.

The changes in the GST rate structure and policy have been recommended by the GST Council keeping in view the representations received from trade and industry and the interests of consumers and the same are expected to benefit the overall economy and consumers.

A plan to merge goods and services tax (GST) slabs of 12% and 18% into a single rate.

Amalgamation of GST rates: Benefits


  1.  Easing of procedural complications and less litigation, leading to greater revenue collection.
  2. A revenue-neutral exercise; meaning, it wouldn’t lead to any changes in the actual tax revenue for states and the Centre. 
  3. tax on items in 18% slab will come down in an upside for consumers. ExampleIf the Council approves a single rate, items such as ghee, butter, cheese and spectacles may become expensive, while soap, kitchenware and apparel may become cheaper. 
  4.  lower rate of taxes, increased tax base, higher collections, ease of trade and least interface in assessments with a significant part of the tax rationalisation over, the growth percentage in the years to come will increase.

Comments

Post a Comment

Popular posts from this blog

Discuss the Salient features of cultural tradition of south India as reflected in Sangam leterature?15M

-
Introduction :  The Sangam Age in Indian history witnessed the rapid development of literary works in the southern regions. The literature that was created during this time came to be known as Sangam literature Mostly literary sources help us to understand t he society and culture of the Sangam age , which provides information regarding t he classification of the people, caste system , various occupations , practice of slavery , d ress and food hab it, status of women , religious practice s, education a nd other f ine ar t. Sources to understand Cultural Tradition of south India  The literatures are the primary sources for understanding the socio-cultural life of the people of Sangam age. The literatures of the Sangam age consists of the earliest Tamil literary works such as Tolkappiyam, the Ettutogai (Eight Anthologies), the Pattuppattu (Ten Idylls), the Pandinenkilkanakku (Eight Minor works) and the Five Epics Silappathikaram, Manimegalai, Sivaga Sindamani, Valaiyapathy and Kunda
Read more

Discuss the impact of social media, overprotective parenting, and the decline of unsupervised outdoor play on children’s emotional well-being?

-
 The emotional well-being of children has been increasingly influenced by several modern factors, including social media, overprotective parenting, and the decline of unsupervised outdoor play. Each of these elements plays a role in shaping children's emotional health, and their combined effects can be complex. Here’s a closer look at how each factor impacts children: 1. Social Media Impact on Emotional Well-being: Increased Anxiety and Depression : Social media can expose children to idealized images and lifestyles, potentially leading to feelings of inadequacy and low self-esteem. For example, seeing peers portray seemingly perfect lives on platforms like Instagram or TikTok can make children feel like they don't measure up. Cyberbullying : Social media can be a medium for cyberbullying, which can lead to increased stress, anxiety, and depression. Victims of online bullying may experience emotional trauma and difficulty trusting others. Reduced Face-to-Face Interaction : Exce
Read more