Why GST is Needed

  • Dr. Raveev Kumar Agrawal Assosiat Prof., Department of Commerce, LBS College Gonda

Abstract

It will simplify India's tax structure, broaden the tax base, and create a common market across states.

  1. It is estimated that GST can boost India’s GDP by 1-2 per cent.
  2. GST will convert the country into unified market, replacing most indirect taxes with one tax.
  3. GST is expected to provide the benefits of simplification of tax regime,broadening of tax base, elimination of tax cascades, enhancing export competitiveness, ensuring greater regional equity, and improvement in transparency.
  4. GST is a Value added tax, i.e., the final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
  5. GST has become a preferred global standard. All OECD countries, except the US, follow this taxation structure.

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Published
2018-03-24
Section
Conference Paper