The biggest tax reform ever launched in India after independence is GST (Goods and Service Tax). Where many businessmen and general public is against GST, people have forgotten to know and understand the advantages of this new tax regime. Here are some points that can draw the attention of people towards the positive changes bought by GST that are beneficial for the economy and the society.
- GST is a Helping Hand in Money Saving
After GST, the general public is now safe from double charges. Less double charges means less payment and more savings. Many products by the FMCG sector, the rates for various cinema tickets and small cars have slashed. Companies like Hindustan Unilever, ITC, Patanjali and Marico have also reduced the prices of their goods. The decrease in prices at many levels is a good thing for the citizens of India as this will enhance the savings.
- One Nation and Only ONE Tax
GST is all about One Nation, One Tax. This means, all the other taxes like Service Tax, Central VAT, Excise, Sales Tax , Turnover Tax and many others have been removed and just one tax is been charged , that is GST.
- GST Came To Free Us From Keeping Records.
Since no other tax is been availed items, GST have helped the people to stop keeping records of various different central government and state government records. Only on single tax is charged and so only one single record has to be maintained as per Central Goods and Services Tax Act guidelines.
- GST is Good For Entrepreneurs
As GST is just one single tax to be applied, the other common and unhealthy competition is now reduced between the states. The people, who are doing business interstate, are getting proper and good benefits from GST with limited competition and selected terms and conditions.
- GST Will Increase Revenue For The Government
Since GST has replaced 17 indirect taxes, it can be said that now the product demand will eventually increase leading to good revenues. This will benefit both the central and state government with increase in the revenues.
- Less Documentation – Less Hectic
GST is good news for various businessmen as now documentations and tax filing will be an easy task. Filing a tax return, paying taxes, applying for refund and all such tax related activities are now a not-at-all-hectic things.
- With All Benefits, GST Will Give A Good GDP
With all the changes in tax related issue, GST will somehow result in the betterment of GDP of the country by 1-2%. Due to GST, the process will take a pace that will result in a better position of India in the Ease of Doing Business Index.
- GST Will Give More Chances Of Employment
Since GST is all about one tax, the prices of the products are tent to reduce. With less cost, the demand will rise and so will the supply. For more supply, the companies will need more human resource and thus the employment opportunities will increase.