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Benefits Of GST For All

The Goods and Services Tax (GST), a radical step towards India’s transformation into a common market, was launched on Friday night. PM Modi, at the launch event, said GST was not just about taxation reform that would help businesspersons by putting an end to tax terrorism, but is a measure that will help in the fight against corruption and black money. Here’s how GST will help the common man and economy.

COMMON MAN FRIENDLY:

1. Huge number of items are either tax exempt or in 5% tax bracket.

2. Maximum benefits to the poor and the common man .

3. Will ensure that the poor get their due.

4. Level playing field for small traders in any part of the country.

Highlights:

  1. For middle class families, impact on monthly budget will not be more than a few hundred rupees.
  2. Individual preferences might hold more weight as to which way the household budget might swing.
  3. With service tax increasing to 18% from 15% all services will become dearer.

What we buy, how we buy and why we buy are questions that have for long fascinated anthropologists. But GST is expected to add a new twist to the tale of Indian consumerism .

Under the new taxation regime fruits, vegetables, pulses, wheat, bread and rice are exempted from taxation even as chips, biscuits, butter, tea and coffee are attracting higher taxes. So, would that make families to make healthier choices at the supermarket?

ADVANTAGES FOR TRADE AND INDUSTRY:

1. Common procedures for registration, duty payment, return filing and refund of taxes

2. Seamless flow of tax credit from manufacturer/supplier to user/retailer to eliminate cascading of taxes.

3. More efficient neutralization of taxes to make our exports more competitive internationally.

4. Benefit of exemption/composition scheme for a large segment of small scale suppliers to make their products cheaper.

BENEFITS TO ECONOMY:

1. To create a unified common National market.

2. To make India a manufacturing hub.

3. To boost investments and exports.

4. To generate more employment by increased economic activity.

SIMPLIFIED TAX STRUCTURE

1. Reduction in multiplicity of taxes now leviable on goods and services, leading to simplification.

2. Simpler tax regime with fewer exemptions.

3. Harmonization of laws, procedures and rates of tax across the country.

4. Common system of classification of goods and services to ensure certainty in tax administration.

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