Impacts and Opportunities of GST In India
The biggest tax reform in India is the reality. The constitutional amendment (GST) for taxes on goods and services adopted by the President of the Republic of India in Parliament and approved by more than 50% of the state's legislative power. The new GST method opens the way for the realization of the One Nation - One Tax - One Market target. An extended double tax on goods and services (GST) replaces the multiple structures of multiple indirect taxes from July 1, 2017. GST is an indirect tax system in India that aggregates most existing taxes into a single tax system. This is to create a single integrated market that benefits both the company and the economy. India creates a common market with common tax rates and procedures and eliminates economic barriers. GST is technologically oriented and significantly reduces the human interface. GST is expected to improve to make it easier to do business in India. GST benefits all stakeholders in industry, government and consumers. This reduces the cost of goods and services to improve the economy and make products and services globally more competitive. The GST promotes the development of the Indian economy by improving tax collection, removing barriers between countries and uniformly integrating the country.