Rajya Sabha made a historical development by paving the way for the goods and service tax bill. The said bill is expected to trigger GDP bump by a percent and even more.<\/p>\n
Let\u2019s see what all specific areas will this bill benefit and how.<\/p>\n
1.\u00a0Boost in Revenue<\/b>, suppliers will pay tax thanks to tax credit. Also, decline in tax exempt goods will give a push to earnings.<\/p>\n
2. Replace Many with One<\/b>; GST will replace seventeen indirect taxes.<\/p>\n
3.\u00a0Fall in Cost of Capital Goods<\/b>, full income tax credit (under GST) will reduce cost of capital goods by 12 to 14%.<\/p>\n
4.\u00a0Increased Protection from Imports<\/b>, this new bill provide suitable countervailing duty.<\/p>\n
5.\u00a0Inventory cost <\/b>will decline.<\/p>\n
6.\u00a0Creation of a Common Market<\/b>, absence of which increases the cost by 20-30%.<\/p>\n
7.\u00a0Cheaper Manufacturing Goods<\/b>, thanks to lower tax and logistic costs.<\/p>\n
8.\u00a0Development of All<\/b>, with no 2% inter-state levy, new opportunists will be created for smaller states.<\/p>\n
9.\u00a0E- Commerce Wings will Spread<\/b>, GST will put an end to many levies and state restrictions.<\/p>\n
10.\u00a0GPD Rise<\/b>, thanks to elimination of tax cascading 80 basis point rise is expected in next 3 to 5 years.<\/p>\n","protected":false},"excerpt":{"rendered":"Rajya Sabha made a historical development by paving the way for the goods and service tax bill. The…","protected":false},"author":1,"featured_media":762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[62,3,65,63],"tags":[],"class_list":{"0":"post-761","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news-events","8":"category-real-estate","9":"category-tips-and-tricks","10":"category-trimurty","11":"cs-entry","12":"cs-video-wrap"},"yoast_head":"\n