If you are on top of your current affairs, you may be aware that the Goods and Services Tax Bill, also called GST Bill was cleared by the Rajya Sabha last week.
Now this bill will not only form a part of your kids general knowledge paper, very soon but will also affect him as a citizen of this country. And that is why, it is important for parents to clearly explain this bill to their kids.
What is GST Bill?
For starters, let's understand that the GST Bill is a blanket indirect tax, which will supersede several indirect state as well as federal taxes. These include excise duty, state tax, VAT, entertainment tax and luxury tax among others.
What this tax is going to do is, basically cut down on all the additional taxes that you had to pay earlier. Now you will just pay one tax. And since it is going to impact your household budget and savings, it's a very important tax bill that you must explain to your kids.
However, it is not as easy to explains to kids as it may sound. This is complicated bill with many changes and improvements. So how do you explain this?
Well, veteran actor Pallavi Joshi has the solution. She stars in a video that can very easily explain the GST Bill to kids, as she does to her son.
GST Bill made easier for kids
Joshi explains the bill in layman's terms. She begins with the story of a boy who is about to celebrate his birthday in school with chocolates that his father bought him the previous night.
On his way to school, he gives the chocolates to many people who wish him and then later to the entire class. But his best friend, who was absent loses out on it.
But with the GST Bill, this boy is able to distribute the chocolates to everybody equally without anybody losing what they deserve.
Take a look at the video to understand it better:
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