Keeping aside all the politics, we on behalf of professional community believe GST will help India in following ways:
1. Growth of revenue in States and Union: The introduction of GST will increase the tax base but lowers down the tax rates and also removes the multiple point taxation. This will lead to higher amount of revenue to both the states and the union.
2. Reduces transaction costs and unnecessary wastages: A single registration and a single compliance will suffice for both SGST and CGST provided government produces effective IT infrastructure and integration of states level with the union.
3. Eliminates the multiplicity of taxation and cascading effect: the major contribution of GST for the business and commerce. At present, there are different state level and centre level indirect tax levies that are compulsory one after another on the supply chain till the time of its final consumption
4. One Nation One Tax: Another feature that GST will hold is it will be ‘one point single taxation’. This also gives a lot of comforts and confidence to business community as they do not have to deal with multiple state laws and taxes
5. Reduces average tax burdens for all Individuals: The cost of tax that consumers have to bear will be certain and it is expected that GST would reduce the average tax burdens on the consumers.
6. Reduces the corruption: One of the major problems that India is overwhelmed with. We cannot expect anything substantial unless there exists a political will to root it out. This will be a step towards corruption free Indian Revenue Services.
Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India.
We require your support by signing the petition and let government and opposition listen voice of one Billion Indians keeping aside politics and for implementation of GST from April 2016 and not later
I am calling on all fellow Indians to sign our petition.
Click On link to Sign https://goo.gl/97Vw5l