GST – it is good, it is simple and it benefits 125 crore Indians, PM Modi. However, The Government efforts to make India a better place for business and removing the complex cascading tax structure. Replacing the existing tax system with the new GST – One Nation, One Tax and one market will surely promote the image of India globally. Experts are saying that it will make a good economic growth to India, this growth benefits will be transmitted from the manufactures to the end users.
More Specifically, GST Launched but the Evolving model of GST are amendable too. It can be amend according to the National as well as International Economic Environments. While, it is Missguided by some of mainstream media which is not good for freedom of Press.. Remember, GST is a part of our National interest to serve Public at large. Through this way we can achieve the Goal of Economic Integration. Now we have both, POLITICAL (1947) & ECONOMIC FREEDOM (2017).
Moreover, GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. It will ensure that indirect tax rates and structures are common across the country, thereby increasing certainty and ease of doing business.
Original Source : India Move Towards Economic Integration With GST, India’s Journals.
With the promise of ‘One Nation, One Tax, One Market’, it would create a border-less world of 1.3 billion people, producers and consumers engaged in a seamless exchange of goods and services, skill sets and capital, labour and ideas. Some of Top Business icons says that, GST is not just another piece of transform, it is the liberation of our economic imagination. In Short, It is our economic freedom.
Significantly, GST is one indirect tax for the whole nation, which will make India one unified common market. it is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
Further, Unification of different indirect taxes under GST will give boost to the existing tax-credit system, which will drive tax efficiency for manufacturers, wholesalers and also for consumers of goods. This will decrease the overall cost incurred by manufacturing sector which will reflect in various inflation indices in long-term.
WHY GST : BENEFITS
- Reduction in multiplicity of taxes
- Cycling corruption and faq bill
- Promoting economic unity and Integration
- Mitigation of cascading/double taxation
- More efficient neutralization of taxes especially for exports
- Development of common national market
- Simpler tax regime
- Simpler Tax system
- Reduction in prices of goods & services due to elimination of cascading
- Uniform prices throughout the country
- Transparency in taxation system
- Increase in employment opportunities
- PM Modi : GOOD AND SIMPLE TAX etc….
Single and transparent tax proportionate to the value of goods and services: Due to multiple indirect taxes being levied by the Centre and State, with incomplete or no input tax credits available at progressive stages of value addition, the cost of most goods and services in the country today are laden with many hidden taxes. Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer.
Relief in overall tax burden: Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.
Consequently, Paradigm shift in indirect taxation in India and move towards economic integration, This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers. Simple and easy to administer: Multiple indirect taxes at the Central and State levels are being replaced by GST. Backed with a robust end-to-end IT system, GST would be simpler and easier to administer than all other indirect taxes of the Centre and State levied so far.. Thank’s.