Chapter 6. Benefits and Advantages of GST

Goods and Services Tax is considered to be major change in Tax policy in India, which will be implementing from next Financial Year, if passed by Parliament session. Let’s look up on advantages of GST:

  • GST is known to transparent tax, which will be a replacement for all the indirect taxes going so far. With GST, customer will get to know what exactly the tax he is paying on buying a goods/or services and it will make life very simple.
  • There will be no hidden taxes as no cost will be levy to retailers who are registered and also cost for doing business will lower down, which will result in more no. of exports.
  • With GST, whole Indian market will be unified.
  • GST will increase the growth of economic and result to prove better country wealth.
  • Tax rate of necessary items like:- gas, oil, water, electricity and so will be at lower rate.
  • In India, GST will follow Dual System, wherein Central GST and State GST will be charging same manufacturing cost and will be collected on point of sale only. This in return will help people as prices will fall down and there will be increase in consumption which benefits to company.
  • With the Implement of GST, there will be less chance of corruption as tax department will also reduce.