TMI BlogBenefits of Goods and Services Tax (GST)X X X X Extracts X X X X X X X X Extracts X X X X ..... s including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc. It brings benefits to all the stakeholders viz. industry, government and the citizens. It is expected to lower the cost of goods and services, boost the economy and make our products and services globally competitive. GST will make India a common national ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... benefit the industry by making the entire supply chain tax neutral. GST will give a major boost to the Make in India initiative of the Government by making goods or services produced or provided in India competitive in the national and international markets. Further, all imported goods will be charged with integrated tax (IGST) which will be more or less equivalent to Central GST + State G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion with respect to cash flows. Benefits of Goods and Services Tax (GST) GST is expected to bring buoyancy to the Government Revenue by widening the tax base and improving the taxpayer compliance. GST is likely to improve India s ranking in the Ease of Doing Business Index and is estimated to increase the GDP by 1.5% to 2%. GST prevents cascading of taxes by providing a comprehensive i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompliance costs, alleviate the need for multiple record keeping for a variety of taxes leading to lesser investment of resources and manpower in maintaining records. Common procedures for registration of taxpayers, refund of taxes, uniform formats of tax return, common tax base, common system of classification of goods or services along with timelines for every activity will lend greater certai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is likely to come down, which is expected to reduce prices resulting in more consumption, which in turn means more production and thereby boosting the growth of the industries. The removal of cascading of taxes and increased transparency will make the citizens more informed about the taxes they pay while purchasing goods or services. GST will boost domestic demand, create more opportunities for do ..... X X X X Extracts X X X X X X X X Extracts X X X X
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