The Goods and Service Taxation Bill which recently got passed in the Rajya Sabha under the Modi Government is a historic and probably the most awaited "Taxation Reform" in the country since independence. As this GST Bill will be replacing 17 indirect tax levies and by replacing such multiplicity of the taxation, GST will tend to create "One Standardized Market System" in the nation and create a single taxation mechaism in the nation.
- GST will turn the whole country into one single big market and will reduce the commodity prices nationwide.
- GST will boost the Economy & create a Dynamic Economic System in the nation.
- GST will boost Tax Receipts of the government.
- GST will boost the Revenue through low evasion and input tax credits.
- GST will tend to reduce the costs of Logistics and Inventory and will also control the Compliance Cost.
- GST will tend to reduce the price of the Manufactured Goods.
- GST will tend to reduce the Corruption as well.
- GST will boost the E-Commerce Section and will also bring about more Investments in the nation.
- GST will tend to Develop the States with Uniformity.