GST will bring benefits for everyone
The goods and services tax , a radical step towards India's transformation into a common market, was launched on Friday night. PM Modi,at the launch event, said GST was not just about taxation reform that would help businesspersons by putting an end to tax terrorism, but is a measure that will help in the fight against corruption and black money . Here's how GST will help the common man and economy: COMMON MAN FRIENDLY 1. Huge number of items are either tax exempt or in 5% tax bracket. 2. Maximum benefits to the poor and the common man+ . 3. Will ensure that the poor get their due. 4. Level playing field for small traders in any part of the country. ADVANTAGES FOR TRADE AND INDUSTRY 1. Common procedures for registration, duty payment, return filing and refund of taxes 2. Seamless flow of tax credit from manufacturer/supplier to user/retailer to eliminate cascading of taxes. 3. More efficient neutralization of taxes to make our exports more competitive inter