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10 Benefits of the GST Bill in India

GST would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments.

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10 Benefits of the GST Bill in India

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  1. Goods and Service Tax in India: Here are the 10 Benefits of the GST Bill https://www.mycorporation.in

  2. In a historic development, the RajyaSabha passed the constitutional amendment paving the way for the Goods & Services Tax (GST). • The GST Council on Saturday fixed a 5 per cent tax rate on small hotels and restaurants and approved draft of key supporting legislation's to enable roll out of the new indirect tax regime from July 1 2017. • The reform is expected to bump up GDP by about a percentage point or even more. • Here's a look at GST's Benefits: https://www.mycorporation.in

  3. 1. Life Gets Simpler GST will replace 17 indirect tax levies and compliance costs will fall. https://www.mycorporation.in

  4. 2. Revenue Will Get a Boost Evasion set to drop. Input tax credit will encourage suppliers to pay taxes. States and Centre will have dual oversight. The number of tax exempt goods will decline. https://www.mycorporation.in

  5. 3. A Common Market It's currently fragmented along state lines, pushing costs up 20-30%. Call or Whatsapp us: +91-888-210-1000 https://www.mycorporation.in

  6. 4. Logistics, Inventory Costs will Fall Checks at state borders slow movement of trucks. In India, they travel 280 km a day compared with 800 km in the US. https://www.mycorporation.in

  7. 5. Investment Boost For many capital goods, input tax credit is not available. Full input tax credit under GST will mean a 12-14% drop in the cost of capital goods. Expected: A 6% rise in capital goods investment, 2% overall. Call or Whatsapp us: +91-888-210-1000 https://www.mycorporation.in

  8. 6. Make in India Manufacturing will get more competitive as GST addresses cascading of tax, inter-state tax, high logistics costs and fragmented market. Increased protection from imports as GST provides for appropriate countervailing duty. https://www.mycorporation.in

  9. 7. Less Developed States Get a Lift The current 2% inter-state levy means production is kept within a state. Under the GST national market, this can be dispersed, creating opportunities for others. Call or Whatsapp us: +91-888-210-1000 https://www.mycorporation.in

  10. 8. Manufactured Goods Could Become Cheaper Lower logistics and tax costs. https://www.mycorporation.in

  11. 9. GDP Lift HSBC estimates an 80 basis point rise in GDP growth over 3-5 years. NCAER pegs this at 0.9-1.7% thanks to the elimination of tax cascading. Call or Whatsapp us: +91-888-210-1000 https://www.mycorporation.in

  12. 10. Freeing up Online State restrictions and levies have complicated ecommerce. Some sellers do not even ship to particular states. All this will end with GST. https://www.mycorporation.in

  13. Thanks For Reading! Any Questions ..Ask our Expert? You can Call or Whatsapp: +91-888-210-1000 Mail us: info@mycorporation.in Visit us anytime: https://www.mycorporation.in

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