Question

GST benefits of the business community.

Answer 1

1. Simpler Tax System with fewer exemptions. 17 taxes were abolished and one tax exists today.
2. The input tax credit will reduce cascading effect of taxes. Reduction in average tax burden will encourage manufacturers and help the “Make in India” campaign and make India a manufacturing hub.
3. Common procedures, common classification of goods and services, and timelines will lend greater certainty to the taxation system.
4. GSTN facility will reduce multiple record-keeping, lesser investment in manpower and resources, and improve efficiency.
5. All interactions will be through a common GSTN portal and will ensure corruption-free administration.
6. Uniform prices throughout the country. Expansion of business to all states is made easy.