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Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)?
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Explain the salient features of the constitution (One Hundred and Firs...
Salient Features of the Constitution (One Hundred and First Amendment) Act, 2016:
- The Act introduced the Goods and Services Tax (GST) in India, which replaced multiple indirect taxes levied by the central and state governments.
- It amended the Constitution to give concurrent taxation powers to both the central and state governments for levying GST.
- It established the GST Council, a constitutional body comprising the Union Finance Minister, the Minister of State for Finance, and the Finance Ministers of all states, to make decisions on GST-related issues.
Efficacy of the Act in removing cascading effect of taxes and providing for a common national market for goods and services:
The Constitution (One Hundred and First Amendment) Act, 2016 aimed to create a unified national market by subsuming various indirect taxes under GST. The key benefits and efficacy of the Act in achieving this goal include:
- Removal of Cascading Effect: By allowing input tax credit across the supply chain, GST eliminates the cascading effect of taxes, resulting in reduced tax burden on consumers.
- Common National Market: GST creates a common market by harmonizing tax rates and procedures across states, facilitating seamless movement of goods and services.
- Uniformity and Simplification: The Act simplifies the tax structure by replacing multiple taxes with a single, comprehensive tax, making compliance easier for businesses.
- Transparency and Accountability: GST brings transparency in the tax system through online registration, payment, and return filing, reducing tax evasion and promoting accountability.
Overall, the Constitution (One Hundred and First Amendment) Act, 2016 has been instrumental in streamlining the indirect tax regime in India, removing barriers to interstate trade, and fostering economic growth. While challenges remain in its implementation, the Act has laid a strong foundation for a common national market for goods and services.
- The Act introduced the Goods and Services Tax (GST) in India, which replaced multiple indirect taxes levied by the central and state governments.
- It amended the Constitution to give concurrent taxation powers to both the central and state governments for levying GST.
- It established the GST Council, a constitutional body comprising the Union Finance Minister, the Minister of State for Finance, and the Finance Ministers of all states, to make decisions on GST-related issues.
Efficacy of the Act in removing cascading effect of taxes and providing for a common national market for goods and services:
The Constitution (One Hundred and First Amendment) Act, 2016 aimed to create a unified national market by subsuming various indirect taxes under GST. The key benefits and efficacy of the Act in achieving this goal include:
- Removal of Cascading Effect: By allowing input tax credit across the supply chain, GST eliminates the cascading effect of taxes, resulting in reduced tax burden on consumers.
- Common National Market: GST creates a common market by harmonizing tax rates and procedures across states, facilitating seamless movement of goods and services.
- Uniformity and Simplification: The Act simplifies the tax structure by replacing multiple taxes with a single, comprehensive tax, making compliance easier for businesses.
- Transparency and Accountability: GST brings transparency in the tax system through online registration, payment, and return filing, reducing tax evasion and promoting accountability.
Overall, the Constitution (One Hundred and First Amendment) Act, 2016 has been instrumental in streamlining the indirect tax regime in India, removing barriers to interstate trade, and fostering economic growth. While challenges remain in its implementation, the Act has laid a strong foundation for a common national market for goods and services.
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Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)?
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Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)?.
Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the salient features of the constitution (One Hundred and First Amendment) Act, 2016. Do you think it is efficacious enough ‘to remove cascading effect of taxes and provide for common national market for goods and services’? (250 words, 15 marks)?.
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