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One year of GST - Is it boon or a bane for Indian economy? - Current Affairs 2018 Video Lecture | Indian Economy for Government Exams (Hindi) - Bank Exams
FAQs on One year of GST - Is it boon or a bane for Indian economy? - Current Affairs 2018 Video Lecture - Indian Economy for Government Exams (Hindi) - Bank Exams
| 1. What is GST and how does it impact the Indian economy? |  |
Ans. GST stands for Goods and Services Tax, which is a comprehensive indirect tax levied on the sale, manufacture, and consumption of goods and services across India. It replaced multiple taxes such as excise duty, service tax, and VAT, simplifying the tax structure and unifying the Indian market. GST has had a significant impact on the Indian economy by eliminating cascading taxes, promoting ease of doing business, and fostering economic growth.
| 2. What are the advantages of GST for the Indian economy? | |
Ans. GST has several advantages for the Indian economy. It has streamlined the tax system, reducing the burden of compliance for businesses. It has also eliminated the cascading effect of taxes, leading to a reduction in prices for consumers. GST has facilitated seamless movement of goods across state borders, promoting interstate trade. Additionally, it has enhanced tax collections, widened the tax base, and boosted government revenue.
| 3. What are the challenges faced by the Indian economy after the implementation of GST? | |
Ans. The implementation of GST has posed certain challenges for the Indian economy. One of the main challenges is the initial disruption caused by the transition from the previous tax regime to GST. Many businesses faced difficulties in understanding and complying with the new tax laws. There have also been concerns regarding the complex tax structure, multiple tax slabs, and frequent changes in tax rates. Additionally, the compliance burden for small businesses and the impact on certain sectors like real estate have been areas of concern.
| 4. How has GST impacted different sectors of the Indian economy? | |
Ans. The impact of GST on different sectors of the Indian economy has varied. While some sectors have benefited from the simplified tax structure and reduced compliance burden, others have faced challenges. For example, the manufacturing and logistics sectors have experienced improved efficiency and reduced costs due to the elimination of multiple taxes. However, the real estate sector has witnessed a slowdown as GST increased the overall tax burden. It is important to note that the long-term impact of GST on sectors is still evolving.
| 5. What is the future outlook for GST in the Indian economy? | |
Ans. The future outlook for GST in the Indian economy is positive. As businesses adapt to the new tax regime and compliance processes become smoother, the benefits of GST are expected to become more significant. The government is continuously working towards simplifying the tax structure, addressing concerns, and reducing the compliance burden. The revenue generated from GST will contribute to infrastructure development and social welfare programs, further boosting economic growth. Overall, GST is expected to play a crucial role in shaping the Indian economy in the coming years.
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