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Bhagat Singh : True Face of FEARLESSNESS

Bhagat Singh was a prominent freedom fighter of India. The courage with which Bhagat Singh fought the mighty British government for the independence of the country is a great role model for the youth of today. He also refused to run away by throwing a bomb in the Central Parliament (Central Assembly). As a result of which he was hanged on 23 March 1931 along with his two other companions, Rajguru and Sukhdev. The whole country remembered his sacrifice very seriously. First the Saunders-Slaughter in Lahore and then the Explosion of the Central Assembly in Delhi with Chandrashekhar Azad and other members of the Party gave rise to an open rebellion against the British Empire. Bhagat Singh was interested in anarchist and Marxist ideology. Early Life: Bhagat Singh was born on 27 September 1907. His father's name was Sardar Kishan Singh and mother's name was Vidyavati Kaur. It was a Sikh family. The Jallianwala Bagh massacre that took place in Amritsar on April 13, 1919 had a profoun

Goods and Services Tax

Everyone may have heard about GST up to this point. GST is for Goods & Services Tax, which is a national tax levied on the manufacture, sale, and consumption of goods and services that makes no distinction between goods and services for taxation. It will largely replace all indirect taxes levied by the Indian central and state governments on goods and services. In India, The Atal Bihari Vajpayee government proposed the introduction of GST in 2000. The Goods and Service Tax Act was passed by Parliament on March 29, 2017, and into effect on July 1, 2017. To put it another way, the Products and Service Tax (GST) is a tax that is levied on the provision of goods and services.

For the purpose of tax collection, it was split into five tax slabs: 0%, 5%, 12%, 18%, and 28 percent. Individual state governments tax petroleum goods, alcoholic beverages, electricity, and real estate separately. Rough precious and semi-precious stones are taxed at a special rate of 0.25 percent, while gold is taxed at 3%. Furthermore, a 22 percent cess or other charges on top of the 28 percent applies to few things, such as aerated drinks, expensive cars, and tobacco products, are subject to GST. Pre-GST, most commodities had a statutory tax rate of around 26.5 percent; post-GST, most goods are likely to have a tax rate of around 18 percent. 

OBJECTIVES OF GST:


One of the main goals of the Products and Service Tax (GST) is to avoid double taxation or the effects of taxes on the cost of production and delivery of goods and services. The elimination of cascading effects, i.e. tax on tax till ultimate consumers, will considerably improve the competitiveness of original goods and services in the market, resulting in a positive influence on the country's GDP growth. It is not only desirable but also necessary, to implement a GST to replace the existing numerous tax structures of the federal and state governments. It would be conceivable to offer full credit for input taxes collected if multiple taxes were integrated into a GST system. GST, or Goods and Services Tax, is a destination-based consumption tax based on the VAT idea.


 GST Rate of other countries:-

Australia 10%

France 19.6% 

Canada 5%

Germany 19%

Japan 5%

Singapore 7%

New Zealand 15%



Types of GST :


1. CGST (Central Goods and Service Tax)

The Central Goods and Services Tax (CGST) is a federal tax on goods and services. It applies to vendors who do business within the state. The collected taxes will be shared with the central authority. 


2. SGST (State Goods and Service Tax) 


A state's Goods and Services Tax (SGST) is a tax on goods and services. It applies to vendors who do business in the state. The collected taxes will be distributed to the appropriate state authority.


3. IGST (Integrated Goods and Service Tax)


The Integrated Goods and Services Tax (IGST) is a type of tax that applies to both goods and services. It is relevant to suppliers who do interstate and import operations. The collected taxes will be split between the federal and state governments.

 

4. UTGST (Union Territory Goods and Services Tax)

 The UTGST is levied on supplies made in the Union Territories of the Andaman and Nicobar Islands,

Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep.



GST Advantages

  1. GST is an easy-to-understand tax that also reduces the number of indirect taxes.
  2. There will be no hidden taxes and the cost of conducting business would be cheaper because GST will not be a burden to registered shops.
  3. People will benefit because prices will drop, which will boost businesses since consumption will rise.
  4. Separate taxes for goods and services, as is the current taxation system, necessitate the split of transaction values into the value of products and services for taxation, resulting in increased complexities, administrative, and compliance expenses.
  5. When all of the taxes are integrated into the GST system, the tax burden can be divided evenly between manufacturing and services.
  6. GST will be levied only at the ultimate point of consumption, following the VAT principle, and not at numerous stages along the way (from manufacturing to retail outlets). This will aid in the removal of economic distortions and the creation of a common national market.
  7. GST will also aid in the creation of a transparent and anti-corruption tax administration. Currently, a tax is assessed when a finished product leaves a factory, which is paid by the manufacturer, and it is levied again when the product is sold at a retail outlet.
  8. GST is supported by the GSTN, a fully integrated tax infrastructure that handles all aspects of the tax.


Disadvantages

According to some economists, GST in India might have a detrimental impact on the real estate sector. It would raise the cost of new homes by up to 8% and diminish demand by roughly 12%.

According to some experts, CGST (Central GST) and SGST (State GST) are simply new names for the Central Excise/Service Tax, VAT, and CST. As a result, the number of tax levels does not decrease significantly.

Currently, only 4% of retail products are subject to tax. Garments and clothing may become more expensive after the GST is implemented.

It would have an impact on the aviation sector. Currently, service taxes on airfares range from 6% to 9%. With GST, the rate will rise to over 15%, nearly doubling the tax rate.

The entire ecosystem would experience teething problems and learn as a result of the adoption and migration to the new GST system.

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