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GST in India
The introduction of GST is truly a game-changer for the Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent, and technology-driven tax regime.
It will integrate India into a single, common market by breaking barriers to inter-State trade and commerce. By eliminating cascading of taxes and reducing transaction costs, it will enhance ease of doing business in the country and provide an impetus to ―Make in India
campaign. GST will result in ―ONE NATION, ONE TAX, ONE MARKET.
Promoting Make in India
GST will help to create a unified common national market for India, giving a boost to foreign investment and ―Make in India campaign. It will prevent the cascading of taxes and make products cheaper, thus boosting aggregate demand.
It will result in the harmonization of laws, procedures, and rates of tax. And It will boost export and manufacturing activity, generate more employment and thus increase GDP with gainful employment leading to substantive economic growth.
Ultimately it will help in poverty eradication by generating more employment and more financial resources. More efficient neutralization of taxes especially for exports thereby making our products more competitive in the international market and give a boost to Indian Exports.
It will also improve the overall investment climate in the country which will naturally benefit the development in the states. Uniform CGST & SGST and IGST rates will reduce the incentive for evasion by eliminating rate arbitrage between neighboring States and that between Intra and inter-State supplies.
The average tax burden on companies is likely to come down which is expected to reduce prices and lower prices.