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GST and its Impact on Indian Economy

GST and its Impact on Indian Economy

The GST is a Value added Tax (VAT) which is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services. It has replaced most of the  indirect taxes levied on goods and services by the Indian Central and State governments like excise duties, service tax and VAT . The changeover to GST in India will play an important role in giving a much needed momentum for the economic growth of the country

Benefits of GST to the Indian Economy

1. Removal of bundled indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise.

2. Less tax compliance and a simplified tax policy compared to the previous tax structure.

3. Removal of cascading effect of taxes i.e. removes tax on tax.

4. Reduction of manufacturing costs due to lower burden of taxes on the manufacturing sector. Hence prices of consumer goods to come down.

5. Improving the purchasing power of the consumers with a reduction in the cost of goods and services consumer.

6. Increased demand and consumption of goods.

7. Seamless Credit of input taxes paid.

8. Increased demand will lead to increase supply. Hence, this will ultimately lead to rise in the production of goods.

9. Control of black money circulation as the system normally followed by traders and shopkeepers will be put to a mandatory check.

Emblaze Taxation and Consultancy Service offer you professional GST Registration and Return Filing Services in Kerala, India. Our team of experts will help you with filing all the monthly, quarterly and yearly GST returns depending on your business with Affordable pricing.

 

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