GST completes two years! Here's a look at key advantages of Goods and Services Tax for you
Goods and Services Tax (GST) is completing two years. The second anniversary of GST will be celebrated on Monday with Minister of State for Finance and Corporate Affairs Anurag Thakur presiding over the event.
Goods and Services Tax (GST) is completing two years. The second anniversary of GST will be celebrated on Monday with Minister of State for Finance and Corporate Affairs Anurag Thakur presiding over the event. GST was launched on the 1st July, 2017 in a ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. Hence, the Government along with partners from the trade and industry is celebrating the 2nd Anniversary of GST on 1st July 2019. The implementation of GST was not without challenges, especially in early months. But a number of these challenges have been overcome and GST has now settled down.
The Finance Ministry said in a statement that at the event a book on 'GST for MSME' will also be released. The distinguished officers of CBIC who have put in hard work in the implementation of GST will be awarded ‘GST Commendation Certificates’ by minister Anurag Thakur.
Simplified Tax Structure: Reduction in cascading effect of taxes, transparent and has harmonisation of laws and procedures.
Easy Compliance: compliance burden has come down with one pan-India tax replacing multiple taxes and automated processes.
Promoting Trade and Industry: Seamless flow of tax credit.
Spurring Economic Growth: Creation of unified common national market.
The introduction of GST two years ago was hailed as a game changer for the Indian economy as it replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime. It has helped in integrating 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 is expected to enhance ease of doing business and provide an impetus to ‘Make in India’ campaign.
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