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{"id":9387,"date":"2017-02-28T04:16:30","date_gmt":"2017-02-28T04:16:30","guid":{"rendered":"https:\/\/www.sscsworld.com\/blog\/?p=9387"},"modified":"2017-02-28T04:16:30","modified_gmt":"2017-02-28T04:16:30","slug":"gst-bill-influence-functioning-indian-economy","status":"publish","type":"post","link":"https:\/\/www.sscsworld.com\/blog\/gst-bill-influence-functioning-indian-economy\/","title":{"rendered":"GST Bill and its influence on the functioning on Indian economy"},"content":{"rendered":"

W<\/span>hat is GST?<\/strong><\/p>\n

\n
GST is the abbreviated form of Goods and Services Tax. It is imposed on the manufacturing, buying and selling of goods and services.<\/li>\n
During supply process the tax is being imposed at each and every stage of purchase and sale.<\/li>\n
GST is always being paid by the last persons in the supply chain as it is destination based. The receivers are those who always have to bear the burden of paying GST.<\/li>\n
Though the suppliers are the ones who need to pay for it during the beginning of the mechanism and can opt for the spent sum aft<\/li>\n
This will facilitate the tax collection technique within the boundaries and thereby foster economic development in the Indian country as it solves the tax complications among the states by implementing single taxing system.<\/li>\n<\/ul>\n
How GST Bill came into existence?<\/strong><\/p>\n
\n
It was during 2006 to 2007, P.Chidambaram who was the Minister of Finance then came up with the idea of implementing of GST Bill<\/a><\/strong> to modify the tax system in India.<\/li>\n
GST aimed to abolish all the forms of \u2018indirect taxes\u2019 existing in India that customers require to pay while investing on goods and services. It comes with the slogan \u2018One nation, one tax\u2019, i.e., to combine every type of taxes and make it a single taxing system for customers.<\/li>\n
During 2007, a joint committee was formed comprising of Finance Minister, State Finance Ministers, finance secretaries and bureaucrats. The committee acknowledges its report on the implementation of the plan.<\/li>\n
The Empowered Committee of State Finance Ministers presented the final report to Empowered Committee which became fundamental part for formulating the bill.<\/li>\n
During 2011, Constitution Amendment Bill was moved to LokSabha which was thereby introduced to RajyaSabha.<\/li>\n
During 2014, the bill got clearance in the LokSabha with the backing of almost all political parties though Congress defied the plan.<\/li>\n
Almost every state gave nod to the passing of the bill except Tamil Nadu who also suggested certain changes in the scheme.<\/li>\n
Two changes in the Bill got approval by Union Cabinet which were conveyed by oppositions.<\/li>\n
On 3^{rd<\/sup> August 2016, GST Bill with the motto \u2018One nation, one tax\u2019 finally gets a green signal by the RajyaSabha.<\/li>\n<\/ul>\nBy considering the motive, features and benefits with which the GST Bill is available with it can be said that it is indeed a remarkable step taken by the government.<\/p>\n","protected":false},"excerpt":{"rendered":"
W<\/span>hat is GST? GST is the abbreviated form of Goods and Services Tax. It is imposed on the manufacturing, buying and selling of goods and services. During supply process the tax is being imposed at each and every stage of purchase and sale. GST is always being paid by the last persons in the supply […]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[713],"tags":[139,557,28,106],"class_list":["post-9387","post","type-post","status-publish","format-standard","hentry","category-gst-bill","tag-quality-seo-services","tag-web-design-company","tag-web-design-services","tag-web-development-services"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t}