As a destination-based taxation system, it has been ratified by the st Constitutional Amendment Act. The end consumer will pay only their part of the tax and not the entire supply chain, which was the case earlier. The GST Council is the first federal institution of India and will approve all decisions pertaining to taxation in India. GST incorporates the following taxes earlier levied at the center and state level. GST will be applicable across India w. This is an example.
Impact of GST on Indian Economy | Positive and Negative | News update
Food that has negative or no health benefits are to be taxed so foods that are healthier are cheaper and more available to all people. I believe eating unhealthy food is an addiction and should not be taxed because people cannot control themselves. Tax the unhealthy food to make the healthy food cheaper. Thus, banning food stamps would lead to unjust practices and the oppositions will be raised extensively 2. The authors shed light on the impact this kind of tax could have on low income families as studies have shown they consume more unhealthy food than high income population. The key fact to consider is that food is a necessity of live and humans cannot exist without it which can make the tax seem unethical.
GST: Short-term pain but long-term gain for the Indian economy
GST should enormously benefit the Indian economy in the long term due to its unparalleled benefits including uniformity of taxes, and improved efficiency in logistic. Once fully implemented and linked with direct taxes, goods and services tax GST would benefit the economy, help bring in transparency, make small businesses strong, create more employment and ultimately reduce tax burden for the common man. It all started with panic and confusion and everyone was busy dealing with the teething problems of this huge tax reform.
In: Social Issues. Concept of Price Elasticity and Total Revenue The importance of the price elasticity of demand for a business can be shown by the effect that it has on total revenue. The business will want to know whether a proposed price change will increase or decrease total revenue.