It is believed that the tax rate for GST would be low as compared to what it exists in the current scenario. Proper and efficient implementations are being developed and technologies are being improvised in the IT platform in order to implement the process of goods and services tax smoothly. The implementation of GST will change the Indian economy effectively making the tax base comprehensive. The government of India has committed to implement the GST by 2016 and is considered to be one of the most important tax reforms. It will be implemented both at the state and the central level thus leading to rising in problems in the economy.
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Image credits: Telegraphindia.com |
If GST is successfully implemented then the country will benefit a lot from it. It would generate more job opportunities; loss in revenue would be reduced, economic growth and development. It would also eliminate the cascading effect of taxes which means “taxes upon taxes”. Introduction of GST would simplify trade and consumption, eliminate economic deviations, and simplify administration. It will act as a replacement for all the forms of indirect taxes thereby making the economy more functional and efficient.
Article by Anisha Dutta
She is a content evangelist who believes that the Science of today is the Technology of tomorrow.
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