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BASIC CONCEPTS OF GST (PART-3)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 20-1-2016 - Benefits of GST Benefits of GST shall accrue to all - trade & industry, Government and consumers. Trade and industry shall benefit in terms of easy compliance, removal of cascading effect of taxes and enhanced competitiveness. The Government shall have better control on leakages, higher revenue efficiency, consolidation of tax base and it may be easier to administer and monitor the law. Consumers will also benefit .....

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emoves the multiple point taxation. This will lead to higher amount of revenue to both the states and the union. Reduces transaction costs and unnecessary wastages: If government works in an efficient mode, it may be also possible that a single registration and a single compliance will suffice for both SGST and CGST provided government produces effective IT infrastructure and integration of states level with the union. Eliminates the multiplicity of taxation: One of the great advantages that a t .....

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ir taxation that may crop at later stages. This will help the business community to decide their supply chain, pricing modalities and in the long run helps the consumers being goods competitive as price will no longer be the function of tax components but function of sheer business intelligence and innovation. Reduces average tax burdens: Under GST mechanism, the cost of tax that consumers have to bear will be certain and it is expected that GST would reduce the average tax burdens on the consum .....

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stead of all of them. Uniformity of tax rates across the states Ensure better compliance due to aggregate tax rate reduces. By reducing the tax burden the competitiveness of Indian products in international market is expected to increase and there by development of the nation. Prices of goods are expected to reduce in the long run as the benefits of less tax burden would be passed on to the consumer. Advantages of Implication of GST in India GST is expected to drive consumption led growth with l .....

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