All said about GST I believe that GST is an excellent step forward and it will help in the growth of our economy as has been predicted by various agencies. This tax system will not only benefit the consumers but the business houses at the same time and will also improve administrative efficiency of tax authorities. The Govt believes and is confident of rolling out the new system by 1st July 2017 and any delay in doing this will adversely affect the economy’s growth prospects.
This will definitely succeed in the long run. Though at its initial stage, it will lack progressive development due to diversified tax rate with different level of tax as sgst, cgst, igst etc. for effective implementation, expert are needed to solve the query related to the taxpayers. Gst is destination based consumption tax subsuming almost 20 types of taxes which will make the process easy and avoid double taxation and evasion of taxes.
GST IS A CONSOLIDATED TAX i.e a mixture of excise, service tax, Vat etc. it is a law which has been already used in India in the form of above law. effort have been made to resolve the flaw in existing law and interest of department and Assessee both have been Secured