Advantages of GST

Advantages:

Ø  One Nation One Tax.

Ø  Removal of bundled indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise.

Ø  Removal of cascading effect of taxes i.e. removes tax on tax.

Ø  Increased ease of doing business.

Ø  Lower cost of production, increases demand will lead to increase supply. Hence, this will ultimately lead to rise in the production of goods. Resultantly boost to make in India initiative.

Ø  It will boost export and manufacturing activity, generate more employment and thus increase GDP with gainful employment leading to substantive economic growth.

Ø  Higher threshold for registration.

Ø  Composition scheme for small businesses.

Ø  Defined treatment for E-commerce operators

Ø  Unorganized sector is regulated under GST.

Ref:
1. Balachandran V - Indirect Taxes
2. ICAI - Indirect Taxes
3. ICSI - Indirect Taxes
4. ICMAI - Indirect Taxes

5. LPU - Indirect Taxes
6. ClearTax.Com
7. Taxmann.Com
8. TaxGuru.Com
9. Quora.Com