Benefits of GST

GST would help in overcoming the drawbacks in our present indirect tax structure as mentioned in following points:

1.  It will create a harmonized system by eradication multiple layers of taxes.
2. Due to HSN based classification, double taxation would be minimized as goods and services are being separately differentiated.
3. Tax cascading would be solved to certain extent through input credit (ITC) mechanisms.
4. It will create one natio, one market as there would be no state frontiers.
5. GST law and procedures would be uniform throughout the country.
6. Create employment opportunities and global competitiveness.
7. Revenue leakage would be checked and compliance would be made easy now as earlier multiple compliance.
8. It would widen tax base, easy and smooth credit would act as a boost to  India's image in global economy