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


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