Presently, everybody is almost aware of the term GST. Basically, GST is Goods and Service Tax which is implemented in India for every goods and product sold for domestic consumption. Under 101^st Constitution Amendment Act, 2016 GST comes legally. In every way, GST benefits us by replacing the taxes levied by State and Central Government in form of Indirect tax. The chairman of GST is our Union and Finance Minister of India Mr. Arun Jaitley. On the other hand, GST is governed by the GST council and it has been declared mandatory from 1-7-2017 in all over India.

To rebuild the system of indirect taxation system in India the GST has been introduced here. AS we think from the consumer side then it is very much beneficial for us by reducing the overall burden of taxes on goods. It also reduces the burdens of paper works including the extra taxes paid in moving goods through the border from one state to another. The customs surcharges, Value Added taxes additional service taxes etc. has been getting reduced after applying the GST system in India. Besides that other charges like inter-state moving goods and other valuable charges are also going to decrease a lot.

GST Benefits Includes:

Following are the taxes which is included in the Good and Service Taxes. So here we are listing the series of all those taxes.

Central Sales Tax.
Entry Tax.
Value Added Tax.
Luxury tax.
Entry Tax.
Advertisement Tax.
Corruption Tax.
Food Tax.
Entertainment Tax.
Central exercise Duty.
Octroi.

GST Benefits: Positive Impact on Indian GDP:

Now we will show you the good impacts which make changes in Indian GDP. GDP means Gross Domestic Product is a measure which is used to calculate the quarterly and annual market value of goods and annual products. Here we will show you the good impact of GST on India GDP.

Either you are purchasing the single product or multiple products but the implementation of tax will be single i.e. only one tax you need to pay.
On road transporting business, it has been found that total 10 to 12 types of taxes are applied earlier. But after applying the GST now all those extra taxes got reduced the cost of transportation.
The exporting of goods and product become competitive in India after the application of GST due to nil effects of taxes on goods.
It will help the Government in increasing the revenue and thus it will decrease the corruption too.
With the help of GST there will be an availability of capitalistic goods and input tax structure and the programme ‘Make in India’ will get benefitted.

GST Benefits in Indian Economy:

These are the points which will tell you that how GST benefits in Indian Economy rate. Check out the points below to get know about GST benefits in Indian Economy.

The main aim of GST is to maximise economic gain & minimise compliance pain.
GST helps in removing the extra indirect taxes- CST, SAD, CAD, VAT, Tax upon Tax & another excise.
Increase the production, demand, and supply of various goods.
The manufacturing cost of products is going to be reduced because of lower tax such that the rate of consumer good also comes down.
Compare to the current tax structure the GST tax model is very efficient and reliable so there will be less amount of tax compliance.
It can boost up the Indian Economy in a fast way.
Now the public has to pay less amount of money for the same thing which they purchased earlier at a very high rate.
Through GST the Tax upon tax will get removed.
The black money of the Traders and also the businessman is totally getting control under mandatory check.
The public has to pay fewer amounts of taxes on any goods and service.

So these are all about the GST benefits for the Indian Economy as well as for the people of India. Hope you all are satisfied with the information which we have provided here about the impact of GST on GDP and Indian Economy too. This is also observed that the current economic condition of India has been developed compare to earlier by applying the GST here. Moreover, with the help of GST the black money also get under control thus it will also decrease the corruption in India.