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SSC CGL TIER-III DESCRIPTIVE

Essay on Goods and Services Tax (GST)

Goods and Services Tax was introduced in 1999, by the government of India when
Atal Bihar Vajpayee was the Prime Minister of India. Moreover, a board was set up by Prime
Minister under the Finance Minister of West Bengal, AsimDasgupta to express a GST
model. Since then, the GST could not be executed, until lately by the NDA (National
Democratic Alliance) government on 1st July 2017 led by the Bhartiya Janata Party or in
short BJP.
GST is a big step to lead India into a more transparent and corruption-free taxation
system. The GST rules are formed such that it is advantageous for both the sellers and the
buyers. India required a better tax improvement on indirect tax like the Goods and Services
Tax. GST puts India to a better place to accommodate in the international market. Also, by
inducing Small and Medium Enterprises (SMEs) and another organized sector, under it, GST
heads to a more enduring Indian industrial area and an enriched economy

Benefits of GST
• The primary benefit of GST is that it will decrease the likelihood of tax manipulation by the
officials as the customer has to pay only one tax collectively rather than multiple taxes levied
in the previous tax system.
• This taxation method is more transparent. It will continuously abolish expansion and
various requirements like the tax-return will serve the state also.
• Customers will be benefitted the most since they are considered to be the King.
The whole process of GST is accessible online. The unique thing is it is an easy and
straightforward online method. Hence, it is advantageous for start-ups, as they don't have to
strive to get multiple registrations.
In the end, GST has been an innovative tax system for India. Many specialists praise
it as one of the most significant tax reforms. GST surely is profitable for the complete
population of India.

Laws of GST
GST includes a total of 5 laws which are:
1. Central GST Law
2. State GST Law
3. Union Territory GST Law
4. Integrated GST Law
5. The Goods and Services (Compensati To State) Law

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