Sunday, 25 June 2017

What are potential advantages of GST?

a.      GST would enable a smoother input credit system, which would shift the balance towards the organized sector.
b.      There would be a common base for levy of GST (as against cascading). For example: at present, VAT is payable on transaction value plus Excise duty, whereas CGST and SGST would both be levied on a common base
c.      There would be reduced cascading eect due to better tax credit mechanism.
d.      Non-creditable CST would be done away with, thereby reducing costs. The same would be replaced by IGST which would be creditable to the buyer.
e.      GST is expected to enable ease of administration (common administration).
f.       There would be increased tax collections due to wider tax base and better compliance.

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