GST Tax is perceived as the replacement of all indirect tax levied currently on the goods and services around the nation. It is basically an indirect taxation that will feature a single domain of tax levy at the national level.
Simplicity at its Best – Goods and Service Tax (GST) will replace the existing form of indirect tax in the nation. It will prove a substitute for the 17 indirect laws pertaining to the nation and will subsidized it with the new GST Tax. That shall come across as a simpler term to envision.
Boosting of Revenue – Think of it, with the new GST in the nation, there won’t be more of an evasion as what is happening with the current tax laws. Such simpler term of taxation will make more suppliers in a mood to pay the tax amount which in turn marks the boost in revenue levels.
Lesser cost of Logistics and Inventory – As the GST tax will mark the end of 17 other indirect laws, there won’t be much of logistics and inventory costs as of now. Also, the slow movement across the state levels of goods carrier will be stopped with the transit speed increasing tenfold.
Quite an Investment Boost – As is the norm with the current tax laws in India, there isn’t any input on capital goods. But with the new GST Tax laws, one can avail input tax credit on the capital goods. That way, the investment might surge up quite a bit with an expected 6% increase.