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Master the GST through Online Goods & Services Tax (GST) Assignment Help!

Goods and Services Tax, commonly known as GST is an indirect form of tax that was passed in the parliament on March 29, 2017, and came into existence on July 1, 2017. This law was not a sudden decision of the government. The planning of GST was going on for the last two decades. In 2000, a committee was formed by the former Prime Minister of India Shri Atal Bihari Vajpayee to draft the Goods and Services Law. Since then the planning of GST has started developing gradually. The government of India conducted the One Hundred and First Amendment of the constitution of India to bring this taxation law. It is applied to the supply of goods and services in India. It replaced many extant central taxes like customs and excise duty, service tax, surcharges, and cesses.

The motive of the Indian government behind introducing GST was focused to make the process of taxation easier for the people. The government also formed a GST council to deal with the complexities and it is the amenability of finance ministers of centers and states to govern the GST council. Numerous changes have been done in the rules and regulations of GST to ease the complications till now. This council is also responsible for regulating the tax rates of Goods and Services Tax. Currently, all the goods and services in India come under five tax slabs of 0%, 5%, 12%, 18%, and 28%. However, GST does not include products and services like petroleum, alcoholic drinks, and electricity. The state governments do the taxation of these products separately.

Goods and Services Tax is vast. There are many kinds of GST; some of them come under the control of the central government and others under the state government. The tax on the intrastate supply of products and services is levied by the central government as a form of CGST. The tax on the sale and purchase of goods and services within the state is levied by the respective state government as a form of SGST. Integrated Goods and Services Tax (IGST) is also levied by the state government on the interstate trade of goods and services. The tax on the supply of products and services in union territories like Daman and Diu, Lakshadweep, Chandigarh, etc. is levied by the central government in the form of UTGST.

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GST deficits explained by our Goods & Services Tax (GST) Assignment Help specialists-

As we know, that everything that exists in the universe has its positive and negative effects on us. We cannot make anything that is only beneficial for us. We can only make plans and strategies to limit the disadvantages of a particular thing. When we talk about the implementation of GST then there was some aspect where the Indian government failed to make better strategies. For example, implementing the new taxation law in the middle of the financial year was a huge blunder by the government. As the businesses were following the old taxation policy; and suddenly the government introduced the new Goods and Services Tax law. So, it created a very problematic situation for businesses and they find it very difficult to shift from the old law to the new in the middle of the financial year.

Countless small businesses get affected financially. To follow the GST rule, they required new software and training for the employees. These requirements increased the expenditure and the need of employing tax professionals adds fuel to it. These reasons eventually caused a financial loss for businesses.

Goods and Services Tax (GST) Assignment Sample questions are here, have a look-

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Goods and Services Tax GST Assignment Sample

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Goods and Services Tax GST Assignment Sample 2

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Goods and Services Tax GST Assignment Sample 3

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