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  • For Central and State Governments

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    Meena G
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    GST will increase competitiveness of Indian goods and services internationally by standardizing tax rates and procedures nationally, lowering compliance costs. It replaces multiple indirect taxes with a single, unified GST administered through a robust IT system, making it simpler for both businesses and governments. By enabling seamless transfer of input credits between each stage of production, GST incentivizes greater tax compliance. It is also expected to improve revenue collection efficiency by decreasing the government's tax administration costs.

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    GST will increase competitiveness of Indian goods and services internationally by standardizing tax rates and procedures nationally, lowering compliance costs. It replaces multiple indirect taxes with a single, unified GST administered through a robust IT system, making it simpler for both businesses and governments. By enabling seamless transfer of input credits between each stage of production, GST incentivizes greater tax compliance. It is also expected to improve revenue collection efficiency by decreasing the government's tax administration costs.

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    21 views1 page

    For Central and State Governments

    Uploaded by

    Meena G
    GST will increase competitiveness of Indian goods and services internationally by standardizing tax rates and procedures nationally, lowering compliance costs. It replaces multiple indirect taxes with a single, unified GST administered through a robust IT system, making it simpler for both businesses and governments. By enabling seamless transfer of input credits between each stage of production, GST incentivizes greater tax compliance. It is also expected to improve revenue collection efficiency by decreasing the government's tax administration costs.

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    s.

    This will increase the competitiveness of Indian goods and services in the international
    market and give boost to Indian exports. The uniformity in tax rates and procedures across
    the country will also go a long way in reducing the compliance cost.Hifher tge Service

    For Central and State Governments


    o Simple and easy to administer: Multiple indirect taxes at the Central and State levels are
    being replaced by GST. Backed with a robust end-to-end IT system, GST would be simpler and
    easier to administer than all other indirect taxes of the Centre and State levied so far.

    o Better controls on leakage: GST will result in better tax compliance due to a robust IT
    infrastructure. Due to the seamless transfer of input tax credit from one stage to another in the
    chain of value addition, there is an in-built mechanism in the design of GST that would incentivize
    tax compliance by traders.

    o Higher revenue efficiency: GST is expected to decrease the cost of collection of tax
    revenues of the Government, and will therefore, lead to higher revenue efficiency.

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