GST’s third anniversary today, know what are its objectives and benefits
The Goods and Services Tax (GST) implemented within the country has completed three years. The Narendra Modi government had implemented this new system of tax on 1 July 2017 towards historic tax reform, which was a serious step of reform on the tax front. During its inception, GST faced tons of criticism. However, the commoner has come to understand its benefits over time.
Here it’s important to understand that GST may be a tax that buyers don’t pay on to the govt. They pay it to the vendors and these manufacturers and sellers then pay it to the govt.
The biggest advantage of GST is that the buyer can avail the merchandise at an equivalent cost anywhere within the country. However, products that fall into the GST tax-slab fall into this benefit. one among the main benefits is additionally transparency, which comes with GST. This makes business transactions easier for traders as they need to pay GST for everything they buy along the availability chain.
After GST, the amount of tax filers within the country has increased. Crores of the latest businessmen have registered themselves. However, the collection of the govt has not increased much. When GST came into force, it had been expected that there would be a GST collection of Rs 1.5 lakh crore per month. Despite efforts, the gathering has been around one lakh crore rupees.
With the arrival of GST, the businessmen need to fill their income tax return digitally and therefore the customers need to give the small print of GST within the bill given. It benefited that the evasion by the traders has been curbed.