BREAKING NEWS


5 Positive Impacts Of GST

Surbhi Gupta 2017-04-24



The one change that India was eagerly looking forward to in 2017 was the implementation of the Goods and Services Bill. And, it seems like the days are not far away.
Lok Sabha cleared the last legislative hurdle by passing the bill in its session on Wednesday and soon enough, this law of uniform taxation will be up and running in the Indian economy.
For those who do not know about it, Goods and Services tax act would subsume all indirect taxes currently levied, including excise duties and service tax.
To break it further, we bring you positive impacts that this soon to be act would entail:

5 Positive Impacts Of GST

financialhospital



1. Uniform Economy

This bill would promote a seamless economy and improve economic efficiency. This can help in minimizing the potholes in Indian supply chains and boost growth rates.

2. Cheaper Goods and Services

As taxes rise, the retail price of goods also rises, but when taxes are unified, the retail prices would fall. Great, isn't it?

3. Broader Tax Base

GST offers no exemption to any goods or services. Under this law, all goods and services are taxable, hence this increases tax base leading to a better growth graph of our country.

4. Transparency

Not only would GST keep a check on tax evasion with effective monitoring, it would also ensure in corruption free administration. There will be no hidden tax or cost that can be levied hence ensuring transparency.

5. Eliminates Inefficiencies

The taxation burden will be divided equitably between manufacturing and services. It will remove the taxes on production and distribution and only the final output would be taxed.

Let's hope this bill helps our country in ways more than mentioned!




ABOUT THE AUTHOR

Surbhi Gupta

The Anda Khane wali Vegetarian. Also, an ambivert and awkward media student with a knack for movies. You might just spot me sitting next to you at the theatre hogging popcorn as I reach movie nirvana. Do say hiiii! Bye

OTHER STORIES YOU MAY LIKE

Samsung Galaxy On5 Pro Android Smartphone Review

Gadgets

Samsung Galaxy On5 Pro Android Smartphone Review

Samsung Galaxy On5 Pro Android Smartphone Review, Samsung, Galaxy On5 Pro, Samsung Galaxy On5 Pro, Samsung, Galaxy On5 Pro, Samsung Galaxy On5 Pro price, Samsung Galaxy On5 Pro specs, Samsung Galaxy On5 Pro review

MORE
6 Bestsellers By Indian Authors

Lifestyle

6 Bestsellers By Indian Authors

6 Bestsellers By Indian Authors

MORE
Best Moto Mobile Phones

Gadgets

Best Moto Mobile Phones

Best Moto Mobile Phones, Moto Mobile Phones, Best Mobile Phones

MORE
Samsung Galaxy J1 Ace Android Smartphone Review

Gadgets

Samsung Galaxy J1 Ace Android Smartphone Review

Samsung Galaxy J1 Ace Android Smartphone Review, Samsung Galaxy J1 Ace, Samsung, Galaxy J1 Ace, Samsung Galaxy J1 Ace price, Samsung Galaxy J1 Ace specs, Samsung Galaxy J1 Ace review, Galaxy J1 Ace price, Galaxy J1 Ace specs, Galaxy J1 Ace review, Samsung Galaxy Volte Smartphone, Samsung Galaxy Volte Android Smartphone, Samsung Galaxy Volte mobile, Volte mobile, Samsung Galaxy J1 Android Smartphone Review, Samsung Galaxy J1, Samsung, Galaxy J1, Samsung Galaxy J1 price, Samsung Galaxy J1

MORE
Asus Zenphone 2 Android Smartphone Review

Gadgets

Asus Zenphone 2 Android Smartphone Review

Asus Zenphone 2 Mobile Phone Review, Asus Zenphone 2 Mobile Phone Specs, Asus Zenphone 2 Mobile Phone Price, Asus Zenphone 2 Mobile Phone Available On, Asus Zenphone 2 Mobile Phone Review, Asus Zenphone 2 Mobile Phone Details, Asus Zenphone 2 Mobile Phone features, Asus Zenphone 2 Mobile Phone Description

MORE
Moto M Android Smartphone Review

Gadgets

Moto M Android Smartphone Review

Moto M Mobile Phone Review, Moto M Mobile Phone Specs, Moto M Mobile Phone Price, Moto M Mobile Phone Available On, Moto M Mobile Phone Review, Moto M Mobile Phone Details, Moto M Mobile Phone features, Moto M Mobile Phone Description

MORE
Acer Aspire E1-522 Laptop Specs and Review

Gadgets

Acer Aspire E1-522 Laptop Specs and Review

Acer Aspire E1-522 Laptop Specs and Review

MORE


StoryTap © Copyright 2016, All Rights Reserved Breaking News: Powered By NewsAPI.org