Advantage of GST. And effect of GST on Jobs.

GST

After Freedom of India, the major change in tax will be applied on 1-July-2017. After applying GST, the common mans get lots of relief in pay tax. They have pay only one tax. In GST the tax is categorize in four parts 5%, 12%, 18%, 28%.
Now we are talking about what is the advantage of GST. Is it good for India or bad? let's see.

Growth in India's GDP

Due to GST, the home production will increase. Now a day the GDP of India is 7.1%. After applying GST there will be hope that GDP is cross the 8%. The report of National Council of applied that after applying GST the GDP will increase up to 1% to 1.75%.

Development rate 10%

Since last three year, the India is the fastest growing economy. For India, it is easy to gain 7% to 8%  of economic growth rate. specialist believe that after GST the Development rate of India will reach to 10%.

Main benefit for Merchants and Customers 

After applying GST, the main benefit for Merchants and Customers because they have to pay same tax in the whole country. Now the merchants have to pay different tax for selling goods in the different state. GST will be most profitable for consumers. After applying GST the service will be cheaper and reliable.  

Tax evasion becomes difficult

After applying GST, it is hard for tax evasion. This will make more strong Income Tax Department that so much hard for tax evasion. And sometimes tax relief is possible. So that's why the possibility of manipulation by Tax officers will also reduce.

GST is the best Tax system

After applying GST the most complex Indirect Tax pay system will become the world most easiest Tax pay system. with the same Indian economy will become the most developing country in the world.

Increase Job possibility

Due to GST, the large number of job opening will be there in India. It is believed that Approximately 1 lakhs instant job opening are generated. The people who are in the area of tax, accounting, and data analysis have more opportunity. Specialists saw that after GST 10% to 13% increase in jobs.
Application of GST across the country will progress ease of doing business and motivate industrialists to increase their business or actions which in turn will boost the employment/job opportunities in India.
P.M Narendra Modiji's, “Make In India” movement along with GST will encourage Non-Resident Companies to set up their industries in India, which shall further create more employment opportunities in India.
The Make in India enterprise will get a momentous boost as businesses would be able to create manufacturing and industrial hubs across the country as GST would break the barrier of state tax regulations.
The regularity of tax structures will open up markets beyond favorable territories, lead to an expansion of services, capacity and product range.
“We are looking forward to the application of GST which will help improve ease of doing business and India’s GDP. India’s growth will continue to expand its economy and create chances for its workforce,” Rajiv Burman, Human Resource, Kronos India and Senior Director and Head (human resources) APAC, said.

Cars become expensive 

Under GST, 28% of tax is put on all cars. 1% of CEC on small cars (up to 1200 CC) and for 3% of CEC on 1500 cc cars. 15% of CEC on SUV and other luxuries cars. Currently 41% to 44.5% of tax of luxuries cars. This will become 43% after applying GST.

For more information on GST and have question about GST than see http://ideaofanythings.blogspot.com/2017/06/faqs-about-gst.html