10 Lines essay on Goods and Services Tax in English. GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
The GST stands for goods and services tax.
It is a kind of indirect tax that is levied on goods.
Goods and services are divided into five different tax slabs for collection of tax- 0% 12% 18% and 28% GST rates on goods.
GST is an indirect tax which has been implemented in India on 1 July 2017.
India’s GST is based on the Canadian model.
The first state which implemented the GST was Assam.
GST has been implemented under article 279 of the Indian Constitution.
After the implementation of GST sales tax,Service tax,Customs duty Excise duty,VAT,Octroi tax etc will not exist.
The biggest reason behind the implementation of the GST is to bring
Uniformity in the tax system of the country.
After the implementation of GST tradition of “text upon tax” will be, eliminated.