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How GST changed the face of Indian tax system; here are six benefits to society

How GST changed the face of Indian tax system; here are six benefits to society

 

Goods and Services Tax is considered as the biggest post-independence indirect-tax reformation in India as it has redesigned the whole concept of taxation. Being a techno-driven and consumption-based administration, it is completely transparent and convenient than the previous tax structures. Additionally, it has disregarded evils to society like tax-evasion and bribery. In the long haul, it not only brought an excellent boost to the Indian economy and society but also the government revenue increased. It practically removed the cascading effect of the previous tax system. 

GST is a value-added tax that is collected at each level of a supply chain. In the earlier indirect tax regime, in certain cases, the tax paid on procurements were not available for setting off the output tax liability. 


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