There is no doubt that corruption is increasing day by day in India and people around the globe have no clue to solve this problem. In a developing country like India, it is very casual; thing to be a part of the race of the corruption, where money plays a very important role in everyone’s life and also it is very much essential to maintain a lifestyle. Earning more money is becoming an addiction for people and they are doing every possible thing to earn more and more income. In such circumstances, it was very much necessary for the government of India to take necessary action so that people can pay the taxes on time and the country can be free from the black money and other related corruption sources. Therefore, the rule to take GST from the people of the country came into existence.
NEED OF GST IN INDIA
Keeping in mind the economic background and the related crises of the country, India has posed a beacon hope with a motive and ambition of increasing the growth targets, which as supported by various other policies and plans of the government such as Make In India and Digital India Campaign, the government decided to impose taxes of the goods and services of the country to maintain a balance in between various class and economises of the society. Hence, the goods and services tax i.e. GST is the necessary other undertaking of the government that has improved the economy of the nation and also resulting in the growth aspect.
It was very much needed to impose GST in order to improve the economic status of the country. By imposing the taxes on goods and services, the problem of cascading the taxes also got solved and people around the nation are now paying proper taxes and there is very less scope of black money and related corruption. India is projected and obliged to play an important role in the economy of the world as a whole and bot just confined to the domestic economy. In the coming years, India is expected to lead the world economy and also become a part of the Developed nation of the world and this is really a matter of proud for each and every citizen of India. The day is not far when India will turn out to be the most effective and corruption-free country of the globe.
BENEFITS OF GST TO THE INDIAN ECONOMY AND THE WORLD ECONOMY AS A WHOLE
After the imposing of the GAST in the country, all the indirect taxes such as VAT, CST, Service Taxes, CAD, SAD, and exercise, etc. got removed and people are now paying the direct taxes for the services and products they are taking. GST has huge benefits to the customers as well.
- The imposing of GST lead to less tax compline and simplified tax policy was adopted as compared to the current tax structure which is much more modified and essential for the growth of the nation.
- It also helped in the removal of cascading of taxes which actually means removes taxon tax.
- Imposing GST also lowered the stress and burden of the common men in public now has to pay less money to buy the products and services for which earlier they were paying aa huge amount.
- After the imposing of GST, it was found that the demand for the goods and services has also increased which leads to more consumption and also increased the overall GDP of the country.
Hence, there is no doubt to the fact that after the imposing of GST, the Indian economy is facing the positive affects and leading with the good GDP and less of the corruption. Also, the common citizen of the country is able to save more at the same time while spending more.