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TOPIC -23

GST

Quick Points to remember
• Before delving deep into the core matter of GST, let’s have a quick glance
at what made our government incorporate GST:
• It reduces tax burden which torments the manufacturing businesses and
hinders the growth rate of production. Owing to various clauses on every
tax, a manufacturing unit fails to deliver product to its optimum capacity.
Now, GST will provide a system, as consumers will know exactly how
much they are paying as tax and based on what. Obviously, GST will be
mentioned in the final bill.
• GST will be the most beneficial for the exporters, as it removes the
customs duties. It will eventually lead to the increase of nation’s
competitiveness in the overseas market, owing to the lesser cost of
transactions.
• Moreover, it will clear up the clutters of taxes deposited by the government
and hence it will help to enhance the more effective use of taxes in terms
of the overall project development.

Introduction: Does GST has the potential to enhance the maximum growth of
revenue
“One nation, One market, One tax” – the notion which led to the rollout of GST. Prior
to GST, there were a lot of inter-state barriers with respect to every trade. The tax
system seemed to be in a dismantled state of unwanted burdens. Undeniably, it
brought a huge relief from indirect taxes like VAT, CST, Service Tax and most
importantly excise duty. This rollout appears to be the beacon of hope which may
enable India’s crippled economy to gain the momentum and run on a simplified path
of futuristic growth. But again, there’s a fear of disruption owing to the abrupt
transition and undeniably it may take ample time for the taxpayers to get themselves

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