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GST in India- after five years of its journey
BUSINESS ECONOMICS
|August 1 - 31, 2022
On July 1, 2017, the Goods and Services Tax (GST) was implemented in India.
The Indian government and many analysts hailed it as the biggest tax reform in India after independence. It was said that it would be a win-win for everybody. The GST will bring all the indirect taxes under one platform which would simplify business practices, reduce paper works and bureaucratic hassles, help ease of doing business that would lead to efficiency of the economy. It would reduce the prices of goods and services and hence generate more demand in the markets, increase tax collection of the government and check the black economy.
Some differentiating features of GST
This story is from the August 1 - 31, 2022 edition of BUSINESS ECONOMICS.
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