New Delhi: The Goods and Service Tax (GST) regime completes 3 years today (July 1, 2020). GST was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017.
The introduction of GST is a game changer for Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime. It has integrated India into a single, common market by breaking barriers to inter-State trade and commerce. GST aims to eliminate cascading of taxes and reduce transaction costs.
Here are some advantages of the Goods and Service Tax:
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.