impact of GST on Indian economy
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The major advantage is that it compels all businesses to come under the ambit of this reform. The unified tax system and easy input credit avoid cascading effect of all the taxes. Since this tax system is applicable all over the country, it removes the barriers of interstate movement of goods.
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The Goods and Services Tax (GST) is another such undertaking that is expected to provide the much needed stimulant for economic growth in India by transforming the existing base of indirect taxation towards the free flow of goods and services. GST is also expected to eliminate the cascading effect of taxes.
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