On behalf of my all the teachers and student, I’d like to welcome you today and I’m looking forward to giving a speech today about GST. Goods and Services Tax (GST) is an indirect tax on the providing the supply of goods and services. GST is a multi-stage tax collected at each stage of value addition.
The reason GST is being heavily discussed and the news lately, is because of the new Goods and Services Taxation [GST] implementation in India.
The Indian Economy is under a process of transformation and modernization. As a part of this exercise, the new Goods and Services Tax System has been implemented by the Finance Ministry. Though the planning for the GST implementation has been under discussion for long, the actual implementation of this for the Indian population started from July 1, 2017. The Goods and Services Taxation System is already implemented in various countries of the world, with their own variations and customizations. In the Indian context, the primary objective is considered to be the replacement of many indirect Taxes in the system by one unified Tax. The multiple taxes that are subsumed by GST are the Octri Duties, the Services Tax, the Central Excise Duty, the additional Customs Duty, etc.
Goods and Services Tax Network [GSTN]
In India, the Goods and Services Tax Network is a Software and an Online Portal. It is developed on one hand for the Government and Taxation Authorities to control and track the systems and processes of GST implementation. On the other hand, it is also useful for end-users of various kinds to handle their procedures for the Tax returns and for the GST management.
Goods and Services Tax Council
The Goods and Services Tax Council is a new Controlling Body, under the leadership of the Union Finance Minister directly, that supervises this process. It consists of thirty-three members.
The Goods and Services Tax [GST] is a way of simplifying the tax system. At this point I would like to conclude my speech, thank you all of you for giving your support.