Business Studies

The advantages of GST to the Citizens are listed as:


ANSWER

All of the above


SOLUTION
  1. GST is a simplified transparent tax and has abolished a number of indirect taxes which was levied by the Centre and State Governments, including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Luxury Tax, etc.
  2. It focuses on removing the Cascading Effect, i.e. tax on tax.
  3. It has led to falling prices of many consumer goods as manufacturing cost of many good has reduced due to less burden of taxes.
  4. Items like a car, FMCG etc. are expected to become cheaper than before.
  5. As a simple rule of economics, with fall in prices of the items, there will be an increase in the demand or consumption of goods.
  6. This increase in demand will tend to increase the supply. Hence, will ultimately lead to the rise in production of goods.
  7. In the long run, it will be helpful for the common man, as increased production of goods will create more job opportunities.
  8. This will help in lowering the burden on the common man i.e. you will have to shed less money to buy the same products which were earlier costly.
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