Explain how goods and series tax …

Benefits of GST are:

1. GST provides comprehensive and wider coverage of input credit set-off, you can use service tax credit for the payment of tax on the sale of goods, etc.
2. Many indirect taxes in the state and central level have been included in GST. You need to pay a single GST instead of all.
3. Uniformity of tax rates across the states.
4. Ensure better compliance as the aggregate tax rate reduces.
5. By reducing the tax burden, the competitiveness of Indian products in the international market has increased and thereby development of the nation.
6. Prices of goods are expected to reduce in the long run as the benefits of less tax burden would be passed on to the consumer.
7. Compliance requirements are reduced due to single tax minimum compliance of law is required.
8. GST reduces multiple tax burden.No need to pay tax on tax now.