As you all know that IBPS PO MAINS EXAM is near.One of the most important part of this Exam is Descriptive Wrtiting Exam which is recently added by IBPS that test Your writing skills, so we are providing Expected essay.
Good and services Test
The goods and services Tax (GST) is a value added tax that will replace all indirect taxes levied on goods and services by the government, both central and states, once its implemented.
The GST is a consolidated tax based on a uniform tax rate of fixed for both goods and services. All goods and services, leaving aside a free (Alcohol, tobacco, petroleum products), will be brought into the GST and there will be no difference between goods and services. The GST rate expected to be around 14 – 16 percent.
Introduction of a GST is very much essential in the emerging environment of the Indian economy. In the GST system, well all taxes are integrated, it would make possible the taxation burden to be split equality between manufacturing and services. It will also help to build a transparent and corruption – free tax administration. There are certain bottlenecks which need to be taken care of before the: What preparation needed at the level of central and state government for implementing GST?
Whether the government machinery is efficient enough for such an enormous change?
What the tax payers are ready for such a change?
According to a study by the national council of Applied Economic Research (NCAER), full implementation of the GST expand India’s growth domestic product by 0.9 – 1.7 percentage points. By implementing the GST, India will gain $15 billion a year. It will promote more exports, create more employment opportunities and boost growth.