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Introduction
The GST or Goods and Service Tax is the new bill passed by the Lok Sabha and is currently well placed to be passed by the Upper House, the Rajya Sabha as well. It is one of the most important bills and one of the most debated issues over the last few years. The GST bill brings along with it a load of benefits for the common man. A GST Impact Study has found out that there will be a big boost to the GDP of the country if the GST becomes a law. It, therefore, becomes necessary to know more about the GST bill. Here is a brief overview of the several benefits that come with this law.[/vc_column_text][vc_single_image image=”2947″ img_size=”large”][vc_column_text]
Simpler tax payment than ever
With the introduction of the GST as a law, you will no more be required to fill those 17 indirect taxes to the Central Government. The GST will replace all those several taxes and you will just need to file the GST which will be a combination of all the taxes you need to pay to the government. This will also be the only tax you will pay to the government. Thus, the compliance costs will reduce and you will get to save more. You will also get relief from filling those numerous taxes.
There will be a big boost in the revenue
This will also cover most of the products that are currently exempted from taxes. Consequently, the government will get taxes on most of the goods and products of daily use. Also, a reduced tax will encourage the people to pay their taxes regularly. This will also encourage the suppliers to pay taxes for their services. This will provide a big boost to the income of the country. The revenue generation will increase and the central government will get more revenue.
There will be a common market for all products
State borders not only divide the language but also decide the price of a commodity. Prices of the same commodity vary hugely in two different states. This will be under check because GST will enforce a common market for the same types of products. This will reduce the prices of the products by a good margin.
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Logistics issues will diminish
The several checks at the state borders increase the time taken by the trucks to transport the products between two places. This results in higher costs and late delivery of products. This will also come to a halt once the GST law is enforced. In India, a truck mainly covers 280 km in a single day. This results in great loss of revenue. The GST is believed to resolve this issue.
Investments will experience a boost
GST will also bring a good boost in the investment for capital goods. At least 6% increase in capital goods investment is expected with the introduction of the GST. The economy is all set to experience a huge boost in terms of investment in capital goods.
It will strengthen the Make in India concept
With fewer taxes and greater freedom, the GST will allow a good boost to the Make in India concept. There will be more freedom for investment and movement of goods within states and across states. This will result in a good flow of capital as well as products. This will be a big support to the Make in India concept of the central government. There will be more investments in the production sector and the revenue generation will be higher.
Under-developed states will come into the light
The current law discourages producers to move outside the state. The 2% charge on the production units is a big inhibitor to the production market. With the enforcement of the GST law, this barrier will be removed. Thus, those states will get a good boost in their economy because of an open market. Production rates will go high and revenue generation will increase. This will also be a measure to reduce unemployment.[/vc_column_text][vc_single_image image=”2926″ img_size=”large”][vc_column_text]
Cheaper goods and products
Most of the manufactured goods and products are expected to fall in price with the enforcement of this law. The fewer taxes and reduced logistics will improve the condition of the economy. The consumers will get a reason to be happy because the current rates of the products are expected to fall. Cheaper goods will mean more buyers and more investors as well as higher production.
Increase in the GDP
The GDP of the country is all set to increase by a good margin. According to the estimates of HSBC and NCAER, the GDP of the country may increase by 2 percentage points within the next 3-5 years. A higher GDP will do a lot for the country. It will place India higher on the map. Foreign investment will increase. The direct investment of the investors will also see a good improvement. The Sensex will also grow up by several points. GST consultants in India believe that this law will increase the GDP as well as other grading measures of the country. A higher GDP will boost the reputation of the country and will take India forward towards a developed country.[/vc_column_text][vc_single_image image=”2949″ img_size=”large”][vc_column_text]
Online barriers will break down
There will be no more restrictions online. The e-commerce business will see a new growth because of freedom of business. The boundary restrictions prohibit several companies to ship products to a specific location. The GST law will break all these restrictions. The online market will be freer than ever. It will surely see a good rise in investment as well as sales. There will be more online transactions which will aid towards a cashless economy. There will also be more online business start-ups. This will be a big achievement of the central government.
Conclusion
With the GST, all set to becoming a law, these are some of the benefits that will be directly available to the common people. There will be a good developmental flow throughout the country. Investments and production will see a good rise. Lower prices of products will allow consumers to buy more. This will also bring a balance in the prices of most products which is very much important for a good economy. You can consult a GST Implementation Consultant to know the right decisions to make for your business to get the best out of GST.[/vc_column_text][stm_post_bottom][stm_post_about_author][stm_post_comments][/vc_column][vc_column width=”1/3″][stm_sidebar sidebar=”2252″][/vc_column][/vc_row]
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