GST Brings Benefits for All
Posted on: 2017-07-01 04:08:54
GST becomes a reality today. Building a new India through One Nation, One Tax and One Market.
GST is a good and simple tax. It is a tax for new India, a digital India. It doesn’t just promote easy of doing business but also show the way forward as a way of doing business.
How GST will get helpful for all? See brief information is given below:
Common Man Friendly:
- Huge number of items are either tax exempt or in 5% tax bracket.
- Maximum benefits to the poor and the common man.
- Will ensure that the poor get their due.
- Level playing field for small traders in any part of the country.
Advantages for Trade and Industry:
- Common procedures for registration, duty payment, return filing and refund of taxes.
- Seamless flow of tax credit from manufacture / supplier to user / retailer to eliminate cascading of taxes.
- More efficient neutralization of taxes to make our exports more competitive internationally.
- Benefit of exemption / composition of scheme for a large segment of small scale suppliers to make their products cheaper.
Benefits to Economy:
- To create a unified common National market.
- To make India a manufacturing hub.
- To boost investments and exports.
- To generate more employment by increased economic activity.
Simplified Tax Structure:
- Reduction in multiplicity of taxes now levied on goods & services, leading to simplification.
- Simpler tax regime with fewer exemptions.
- Harmonization of laws, procedures and rates of tax across the country.
- Common system of classification of goods & services to ensure certainty in tax administration.
Creating One Economic India:
- Freedom of movement of goods and services.
- Consumers to benefits by increased competition.
- Level playing field for producers and consumers across the country.
- Strengthening the sense of nationhood and unity.
GST is not only for goods and services tax but also a good and simple tax really.
You can have check out our previous articles based on Goods and Services Tax (GST) in below
GST Council Finalizes the Rates for Goods and Services
GST Updates Proper Fitment of Tax for Products
GST Slab Rate in India
GST Council Sets New Tax Rates for Products and Services