GST Transforms Indian Economy

 There are many policy,rules,regulations and program National Democratic Alliance make under the leadership of Narendra Modi. These are Insolvency and Bankruptcy bill, to reduce Corporate tax rate, port authorities bill, 50 percent more than F. D. I. in insurance,defence,retail and GST. Among all Goods and Services Tax is one of the best and innovative policy that transforms Indian economy and make it more formal to become develop country. 

The full form of GST is Goods and Services tax. It is launched on the midnight of 1st July 2017. It is a value added tax. It is charged most of the products and services that are sold or provided in India. 

In other words we can say that it is an indirect tax that is levied many indirect tax. These indirect taxes are Sales tax, Value added tax, Service tax etc. 

Feature- 

There are many features are GST. Some important features are as below-

1. It is charged on supply of Goods Or Services. 

2. It is based on destination based consumption. Destination based consumption is an important principle of taxation. 

3. It has many slabs. 

4. It is an indirect tax. 

5. It is comprehensive. 

6. It also covers E- Commerce business. 

7. It regulates unorganised sector. 

8. It is I. T. based tax. It provides many new Facality like e-way bills, E-invoicing. 

9. It removes all geographical barriers that are present on the path of business and it's concern activities. 

10. Its implementation is easy. It provides all services like registration, returns and payment at online way. 

11. It possess composition scheme. 

Advantage- 

There are many advantages of GST. Some of important advantages are as below-

1. It creats one nation one market concept. 

2. It makes India single unified market. 

3. It makes transparent tax system. 

4. It minimise corruption in taxation process. 

5. It boosts business and its  concern function like production, selling, trading etc. 

6. It increases many lakh job opportunity. 

7. It increases ease of doing business environment in country. 

8. It removes poverty from country. 

9. It decreases the price of Goods and Services and make it genuine. 

10. It increases the movement of transportation from one state to other state. 

11. It ensures proper supply of Goods and services inside country at right time. 

12. It is very beneficial to common man. 

13. It helps exporters to export maximum product and service to global market. 

14. It decreases the expenditure for tax collection so it help to increase revenue. 

Types-

There are four types of GST. These are as below-

1. Central Goods and Service tax- It is the first type of GST. It is levied by central government. It is levied on the transaction of Goods and Services with a state other union territory. 

2. State Goods and Service tax- It is the second type of GST. It is levied by state government on transactions of Goods and Services inside state. 

3. Integrated Goods and Service tax- It is the third type of GST. It is levied by central government when transactions happen between two states. Central government provides share to concern state government. 

4. Union Territories Goods and service tax- There are many union territories in India. These are Chandigarh, Lakshadweep, Dadar and Nagar Haveli, Daman and Diu, Andaman and Nicobar islands, Jammu and Kashmir and Ladakh. If transactions of Goods and Service happen in these concern territories UTGST is applied. 

Besides above when any transactions happen between two states or union territories or between a state UTGST is imposed on Goods and Services. 

Besides above there are many products that is not involved in GST catey. These are Petroleum products like Crude oil, Diesel, Petrol, natural gas etc. 

Every expert, economist, scholar say that it is a praiseworthy change of government to increase the living standard of common man. 

So we can say that GST is a revolutionary policy that is implemented by Narendra Modi to make India Self reliant and develop country.