Indirect Taxes and Benefits of GST
GSTN conducted ‘GST-n-You Contest 2020’from 15th September 2020 till 15th October 2020 wherein entries were invited on the various recent initiatives and reforms on GST.
This video was awarded a Certificate.
Made by: Mr. Sresth Vikramaditya
Topic: GST as Indirect tax and its benefits
Duration: 1:54 minutes
General Disclaimer:
This content has been created by the participants of GST-n-You Contest, organized by GSTN. GSTN has uploaded it for the benefit of taxpayers. GSTN has assessed them solely in terms of creativity and originality and they are meant for general guidance purposes only. Information contained therein can’t be cited in a Court of Law or during any quasi-judicial proceedings, as reference.
hey everyone this video is about GST which is goods
and services tax. There are two types of taxes:
the first is direct tax and the other is indirect tax. Direct tax are those taxes which are paid straight or directly to the government for example the income tax
Indirect tax are those taxes which are not levied directly on the income of the taxpayer but is levied on the expenses incurred by them for example sales tax, entertainment tax, excise duty etc
Now, what is GST?
It is an indirect tax which has replaced many indirect taxes in india such as excise duty, VAT, service tax etc.
GST is the single domestic indirect tax law for the entire country which means One nation, One tax and One market
Let's understand with an example:
A product goes from manufacturer to wholesaler, wholesaler to retailer and then from retailer to consumer by following this chain in the old tax regime the tax was imposed on the product again and again which is also called cascading effect, as a result the prices of the product increases but in GST regime, the prices of the products are low, hence the advantage of GST is removal of cascading effect corruption free tax administration and it combines multiple taxes and brought it under one roof.
At last I would like to say that GST say that
अन्य करों को कह दो टाटा
GST से जोड़ो नाता
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