Biggest indirect tax reform in the country since Independence brings along various questions from people across the board about GST.
"The new unified tax brings along benefits for the manufacturers and retailers as it avoids cascading of taxes and simplifies compliance." says Saloni Roy, Senior Director, Deloitte.
GST also brings in one standard rate for all products across states.http://www.news18.com/news/politics/parliament-likely-to-pass-gst-today-many-companies-unprepared-1277016.html
Implementation of GST will bid farewell to the different VAT rates that are currently applicable in different states, thereby bringing about uniform taxation across states.
Removal of waybill will also ensure easy movement of good between states. GST is also expected to cut the cost of goods manufactured in India, which should thereby benefit the end consumer.http://www.news18.com/news/politics/gst-bill-to-be-discussed-in-rajya-sabha-today-all-eyes-on-oppn-parties-1277018.html
GST comes in as a boon for the Indian Economy as the GDP is expected to grow by 2 to 3 percent as a boost in exports and consumption is being predicted by the experts. An increase in the number of tax payers leading to an increase in tax revenue for the government is also expected.
However, as far as services are concerned, marginal increase in service tax can be expected.
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