What are the benefits of GST?

What are the benefits of GST?

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2 Answer(s)

In the known perspective, the goods and service tax has the potential to bring lot many benefits to the nation and industries associated within. Time-saving, Single Tax Rate, Reduce cascading effect, Control tax evasion. and much more.

Answered on June 5, 2017.
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under Goods and Services Tax (GST), the taxation burden will be divided equitably between service and manufacturing, for a lower tax rate by increasing the tax base and minimaxing exemptions. It is required to help create a transparent and corruption free tax administration. GST will be is levied only at the destination point, and not at many points from manufacturing to retail. Currently, the manufacturer requires paying tax only when they move products out from the factory and same with the retail they need to pay tax when they sold. The point of benefits of GST: No more multiple taxes Easy business Easy tax filing Reduction in cost Increase in GDP

Answered on June 5, 2017.
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Gen GST