What will be the benefits of GST to the common man? [Active GD]
Benefits of GST (Goods and Services Tax) to the common man in India appears to be fairly positive. Let's discuss about the advantages of GST that would make India "One Nation, One Tax".
Much discussions and debates are going on in the media after the GST bill has been passed by the Rajya Sabha on 03.08.2016 by two-thirds majority. However, its full impact is likely to be felt only after about 2 years as it will take its due time in getting the bill passed by at least 50% of the states and creation of infrastructure for its implementation.
As far as the common man is concerned, they are interested in knowing as to what benefit GST will make available to them.
Benefits of GST to the common man:
Some of the benefits which are likely to be available to the common man after GST is fully implemented in India appears to be as follows -
1. There will be one tax regime throughout India and time will be saved in calculating the taxes applicable in different states at different rates.
2. It will facilitate faster movement of goods and services throughout India.
3. It will eradicate 17 different indirect taxes which is likely to boost manufacturing sector which may result in the availability of goods at cheaper rates.
4. E-commerce companies will start shipping to more states as inter-state levy will end.
Let us discuss as to what will be the benefits available to the common man after implementation of GST?
Update: Please note that all guidelines regarding GDs will be applicable; there is a likely surprise in the prize money though! The GD will be closed on the 08th of August '16 as per IST. Activate your thought processes and push them up here!