Question

what are the objective of GST
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Answer 1

Answer:

Objectives of GST

i. The foremost objective of GST is to create a common market with uniform tax rate in India. (One Nation, One Tax, One Market)

ii. To eliminate the cascading effect of taxes, GST allows set-off of prior taxes for the same transactions as input tax credit.

iii. To boost Indian exports, the GST already collected on the inputs will be refunded and thus there will be no tax on all exports.

iv. To increase the tax base by bringing more number of tax payers and increase tax revenue.

To eliminate the cascading effect of taxes, GST allows set-off of prior taxes for the same transactions as input tax credit

v. To simplify tax return procedures through common forms and avoidance of visiting tax departments.