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GST Meaning and Purpose

GST Meaning and Purpose

The introduction of Goods and Service Tax in Indian Economy is a concrete step of Government of India as one of the biggest taxation reforms and is all set to integrate State economies and boost overall growth. It will also help in increasing the GDP of the country by 1-1.5%. Such a tax system has already been implemented worldwide around 150 countries (France being First in 1954) and India is catching up with the global trends.

Meaning and purpose of GST

Clause 366(12A) of the Constitution Bill defines GST as “goods and services tax” means any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumption. Further the clause 366(26A) of the Bill defines “Services” means anything other than Goods. Thus it can be said that GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. The proposed tax will be levied on all transactions involving supply of goods and services, except those which are kept out of its purview.

The two important purposes of GST are

Single Umbrella Tax Rate:

GST shall replace a number of indirect taxes being levied by Union and State Governments.

Removing Cascading Effect:

GST is intended to remove “Tax on Tax Effect” and provide for common national market for Goods and Services.

GST Meaning and Purpose

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