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Benefits of GST are:
- 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.
- Many indirect taxes in the state and central level have been included in GST. You need to pay a single GST instead of all.
- Uniformity of tax rates across the states.
- Ensure better compliance as the aggregate tax rate reduces.
- By reducing the tax burden, the competitiveness of Indian products in the international market has increased and thereby development of the nation.
- 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.
- Compliance requirements are reduced due to single tax minimum compliance of law is required.
- GST reduces multiple tax burden.No need to pay tax on tax now.
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