How GST will bring benefits for all

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.

For more on GST read our complete coverage here

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.

Your complete guide to GST rates is here

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.

CREATING ONE ECONOMIC INDIA
1. Freedom of movement of Goods and Services.

2. Consumers to beneft by increased competition.

3. Level-playing field for producers and consumers across the country.

4. Strengthening the sense of nationhood and unity.

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