Question

Executive summary of impact of gst on indian economy

Answer 1

GST is also expected to eliminate the cascading effect of taxes. India is projected to play an important role in the world economy in the years to come. The expectation of GST being introduced is high not only within the country, but also within neighboring countries and developed economies of the world.

GST impact the Indian Economy =

Reduces tax burden on producers and fosters growth through more production. The current taxation structure, pumped with myriad tax clauses, prevents manufacturers from producing to their optimum capacity and retards growth. GST will take care of this problem by providing tax credit to the manufacturers.

Different tax barriers, such as check posts and toll plazas, lead to wastage of unpreserved items being transported. This penalty transforms into major costs due to higher needs of buffer stock and warehousing costs. A single taxation system will eliminate this roadblock.

There will be more transparency in the system as the customers will know exactly how much taxes they are being charged and on what base.

GST will add to the government revenues by extending the tax base.

GST will provide credit for the taxes paid by producers in the goods or services chain. This is expected to encourage producers to buy raw material from different registered dealers and is hoped to bring in more vendors and suppliers under the purview of taxation.

GST will remove the custom duties applicable on exports. The nation’s competitiveness in foreign markets will increase on account of lower costs of transaction.

Answer 2

GST has had a positive impact on the economy of India. It enables the customers with paying lesser number of taxes.On the other hand it has helped the Indian government with an increase in revenues and bring in more effective system of working

Explanation:

• The advantage of GST for the consumers is that  the number of  taxes that they have to pay for buying a product has decreased. Therefore the end users are not burdened much with paying many kinds of taxes. GST has  also helped with increase in production
• The GST has helped the Indian government to align their taxes and they have had an increase in revenue because of the GST. This has helped more number of industries to increase their production and resulting in more employment. There is an increase in the exports of products.
• GST has resulted in a positive influence for the business organisations since they are all registering for the GST. It has helped to bring in more "transparency" and efficiency in the working of the government departments.  

To know more about the impact of GST

Is GST impact cheaper or costlier?

https://brainly.in/question/3417602