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What all you should know about GST!
4 Aug 2016

What all you should know about GST!

In a major development, Rajya Sabha passed the constitution GST Bill with some amendments, unanimously yesterday, which was earlier approved by LokSabha in 2015. The bill got almost 203 ayes against NIL noes. GST (Goods and Services Tax) is a single tax applied on the supply of different goods and services, starting from manufacturer to the end user. It aims to create uniform tax structure, removing different layers of taxation like Sales tax, entertainment tax, luxury tax, VAT, excise duty, Octroi etc. But I personally feel this bill can definitely increase the GDP of India as it has so many benefits.

Some of them are listed below:

  1. A comprehensive and full bodied IT system would become foundation of GST regime in India. Thus all the taxpayer services like payments, registrations, returns etc. which would be accessible to the online taxpayers that would make compliance way easier and transparent.
  2. GST will make sure that Indirect tax rates and structures stays common throughout the country, thereby increasing the certainty and the will of doing business. GST would make business running in India tax neutral, irrespective of the place of operating business
  3. Because of multiple indirect taxes being levied by centre and state, with incomplete or without any input tax credits obtainable at a progressive stage of the value addition, price of different goods and services in the nation at present today are laden with so many hidden taxes. But under GST there would only be one tax from manufacturer to the end user.
  4. Because of the efficiency gains as well as leakages preventions, the complete tax burden on different commodities will cut down, which will ultimately help the consumers. 
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