GST, the biggest tax reform in India founded on the notion of “one nation, one market, one tax”. Fundamentally, the $2.4-trillion economy is attempting to transform itself by doing away with the internal tariff barriers and subsuming central, state, and local taxes into a unified GST. The idea behind implementing GST across the country in 29 states and 7 Union Territories is that it would offer a win-win situation for everyone. Manufacturers and traders would benefit from fewer tax filings, transparent rules, and easy bookkeeping; consumers are paying less for the goods and services, and the government is generating more revenues, as revenue leaks are plugged.
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