What is the justification of GST?
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Nitin Singh GST is a game changer indirect tax transformation,which will subsume indirect tax applied at multiple points viz. custom duty,excise duty,octroi, toll tax and et al.GST will be imposed on all the goods and services produced within an economy.subsuming multiple tax will not only ensure better collection of tax revenue by eliminating leakages in indirect tax collection at various points but will also reduce trade barrier manipulated on the part of states to check goods entering from other states in the form of entry tax and octroi...Implementation of GST will also be a pro poor step as indirect tax is a kind of regressive taxation that means increasing indirect taxes will put extra burden on poors unlike that of direct taxes in which rich are charged higher according to their increasing income.inception of GST is biggest advancement in the area of cooperative federalism where states come together as a major stakeholder in decision making process of GST main governing body called GST counc in which it not only include Finance minister of union and minister of state for finance but it also includes all the chief ministers of states and administrators of ut,s involved.SO GST is good sign of centre and state coming together,opening free access to markets within other states,reducing cost of production ,thus enabling production cycle to scale up.this will not only add upto 2 % in our GDP but it will also help government to realize its fiscal defict targets as income from implementing GST will beef up ex chequers revenue.for effective implememtation of GST proper IT infrastructure should be in place,so by implementing it..devolopment in IT infrastucture till grass root level can also be envisaged.GST rates have been decided into 4 slabs,in which articles of mass consumption are fixed at 12% as per as recommendation of arvind subrmaniyam commitee,also the earlier average gst rate used to be about 28% nd now it will be reduced to 18%,states as part of losses in revenue will be compensated by charging god and precious metals in arange between 2 to 6%,which was earlier charged 1 to 1.6%,it was also as per as reommendation of arvind subramaniyam commitee.SO in nutshell,GST will not only help to create common and free markets but will also be helpful in augmenting competative spirit,a state rich in a particular endowment can trade in its deficient resources as a part of quid pro quo,this will giev impetus to consumer choices aswell,GST is a positive signal to investors to invest in india,also adding to its foreign exchange reserve pool.so implementing GST willl not only proove to be ensuring transparency in indirect tax collection but its will do away all the barriers which hinders trade.
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