Question

GST will reduce the cost of goods in the light of this statement explain other advantages of GST?​

Answer 1

Explanation:

Growth of GDP (Gross Domestic Product): Introduction of GST will help reduce tax rates, remove multiple point taxation, and increase revenues. Basically, a uniform tax system will make India a common market, and will boost trade, commerce, and export.

Companies with a turnover up to Rs. 75 lakh under the GST taxation process can benefit from composition schemes and pay only 1% tax on their turnover. ... GST is aimed at reducing corruption and sales without receipts. GST reduces the need for small companies to comply with excise, service tax and VAT.

Answer 2

Answer:

Experts believe that costs of products and services will be reduce in the long run with the introduction of GST.