The only value added tax charge on producer, sale and usage of goods or services in India will be GST. It is initiated to change various indirect taxes added up over goods and services by central as well as state governments.
Some positive outcomes of GST implementation
1. Takes out several taxations -
As we understand that government has succeeded in passing the bill in rajya sabha and lok sabha and granted an authorization by President, All fixed to come up with a sole tax plan that will be simple and suitable. GST will change 17 indirect tax charges and compliance charges will drop.
2. Less tax disagreements-
We will have noteworthy decrease in tax disputes associated with the meaning of goods and services as GST is consistent tax on both goods and services.
3. Decreases tax on producers
There will be a major decrease in tax on producers as this GST is an use side tax that helps producers in being more aggressive in worldwide and nationwide markets.
4. Stop tax outflow
With consistent tax arrangement of a product crossways all the states will assist in stopping tax outflow and grow the income of government.
5. Better price competitiveness
It will also assist in better cost competitiveness because your competitor now will not get additional tax advantages due to its place or product.