Goods and Services Tax (GST): Boon or Ban for Us
Goods and Services Tax is going to be imposed on all Indians from July 1, 2017, as single tax all over the country. GST is an indirect tax on manufacturers, sale, and consumption of goods and services throughout India to replace taxes levied by the central and state governments.
Vishwanath Prasad Singh introduced Modified Valued tax in 1968. The Constitution Act 2016, following the passage of Constitution 101st Amendment Bill. GST council governs GST. Arun Jaitley is the head of GST council.
The introduction of GST is a significant step in the reform of indirect taxation in India. Combining several central and state taxes into single tax would mitigate cascading or double taxation. It facilitates a common national market. GST involves following taxes. It involves Central Excise duty, Service tax, Countervailing Duty, Special countervailing duty, Value Added Tax (VAT) and Central Sales Tax (CST). Others are Octroi, Entertainment tax, entry tax, purchase tax, luxury tax, advertisement tax, and taxes applicable on lotteries. The government is going to remove all the taxes. There will be only GST. As a result, It has no variations across the country.
The government has divided the tax categories into four. These are 5%, 12%, 18%, 28% and some items are nontaxable also.
GST is mainly boon for a common individual of India. As regular items are considered as nontaxable. While other items are in 5% and 12% category of which we are giving 14-18% tax without GST. But electronic appliances become costly because, for some industry, GST is a curse. We should encourage new step. GST is a new step for the middle and lower class Indians. Finally, GST is beneficial for the economic state of India.
Advertisements are often misleading"
Advertisement is highly developed nowadays. To some extent nature itself advertises her wares, for instance, the colour and smell of flowers is nothing but advertisement to attract the attention of insects and birds and the promise of honey is the gift.
Advertising is one of the media to draw the attention of the public and to educate them regarding a particular product. This is called the psychology of persuasion in converting people to a way of life or thinking. For example, to introduce a new drink, it is not enough if the product is good, the public should be made to realize its existence. The manufacturer adopts subtle ways of advertising. It must appeal visually. Since advertisement has become very important and the...