Will Indian economy grow faster with reduced Goods and Services Tax (GST)?

GST in India was introduced in 2006 and then finally was implemented in July 2017. All the taxes were subsumed under Gst and it was taken up as a measure to ease the tax structure in India.

GST has brought many changes in the economy, but it has slowly increased the economic growth and it will take time to bring economic growth on track with GST.

A product buying by the customer had to pay so many taxes that increases the product price. After the implementation of GST one tax is applicable and that tax directly goes to the Indian government's account. So India and Indian economy will grow.

I think there is nothing like one nation one tax because as we see deeply, there are two taxes cgst and sgst. So I think its the sane tax but with diff names and also because of this our gdp has increased and it has done nothing good to our society.

Yeah, Indian economy definitely gets affected by GST as its aim to development society in this modern era to achieve that government needs public finance so GST started GST on rail and construction sector helps in increasing the economy, it was earlier decided to include rail sector in get to widen tax gains, increase tax so as to keep overall GST rate low which helps in tracking of interstate transportation of goods through the IT network, GST increases the garment industry by $25million as retail sales in 2008 which also results in increasing economy.

So, I think in some coming years India will increase economy and can compete with largest economy countries like China, Japan etc.

According to me, the Indian economy grows faster because it gives transparency in the system. As the customer will know how much tax they are being to be changed. And by paying one tax it will reduce prize. Of the product. In long run definitely, it is beneficial.

The Growth of economy is indicated with the parameters like GDP, GNP, IIP. If we see in a broader term, reduction of taxes always gives a boost to a small-scale industry which further will give hopes to ill employed people to participate in the production of goods and all these leads to increase in GDP and hence economic growth.

Indian economy will be benefited by GST because of the following reasons :

1 Complete transparency in the system.
2 Totally online system. From which it is easier to track the transactions.
3 it curbs the black marketing of goods due to which tax money gets to government rather than Corrupt people.
4 purchasing power of money increases due to which economy will be benefitted.

Gst in India is a great tax reform. I think we the people of India, think about one tax one nation after that come. After adding GST reform our indirect tax collection is much greater and direct tax means return file filling is also twice. If the rate of GST is reduced then for some time our economy is in a bad way. But after coming out this crucial ara it becomes a big Economy and growth rate is in double digits.

Yes, definitely. Reduction in GST on various goods and services will reduce the cost thus making the product affordable. These will lead to an increase in demand thus increasing production which in turn will make the economy grow faster. In november, government moved 270 or 280 items from the slab of 28% to 18%. These were mainly fmcg goods. After this step, fmcg sector in the country got a boost. Also, services availed in restaurants were charged 18% gst which was then reduced to 5%. This increased the number of people visiting restaurants.

Hello friends.

I am Vivek Chaudhary.

Friends in my opinion due to good and service taxes many people change their mind to buy something due to which the production of that thing slow down. Therefore the economy slows down and it hinders the development of the country.

Therefore according to me, the lesser the GST more will be Production and hence the economy will increase much faster.