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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