GST (goods and services tax) bill 2017 in detail work and benefit

Goods and services tax (GST):-

Goods and services tax (GST) is an indirect tax .according to GST same types of tax are taken by government on the every things and services. If government passed GST then only one tax are allowed on the thing and services place of value added tax,services taxes and excises taxes.

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Goods and services tax (GST) is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation.

Benefits of goods and services tax (GST).

According to our Parliament rules central government and state government are taken different different types of taxes on the service and goods.But if GST are passed through then following types of benefit carried out 

1. If any company manufacture any product in one states and sell in other state then very number of taxes paid to both state but if gst are taken then price of product and services are decreased.

2. If GST are allowed then GDP of India increase about 1 to 1.25 from the current GDP of India.

Product under GST tax :-

Every product and services under GST tax but GST don't apply on alcoholic product .

How to work GST :-

GST are three types 

1. Central GST

2. Integrated GST

3. State GST

Central and integrated GST applied by central government. But state GST are applied by state government.

Effect of GST on petroleum product:-

• The tax rate under GST may be nominal or zero rated for the time being. It has been proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government has assured states of compensation for any revenue losses incurred by them from the date of introduction of GST for a period of five years.