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

Hello Everyone.

According to me, the GST in beneficial and good initiative for the country.

1) I agree that the poor people suffer a lot due to this, let me tell you one thing the design of GST is such that the taxation on daily product like wheat, rice is less as compared to other products so the point is poor people's first requirement is food and daily products and the GST rates are low on these products.

2) To get services from the government, governments need an avenue to do so GST that we pay is after-all for Country's development and for looking after the Crysis.

3) Before GST the taxation design was somewhat complex and was not easy to understand.

Before GST even I don't understand how much is a tax on this product or if I import this product then how much the tax will be, after GST everything looks refreshed and sorted.

In my point view, it will better to reduce GST because with increasing of this GST, rich people is not suffering. Many poor and middle class families were suffering every item they have to pay with that GST amount.

And what the government done with that amount they construct a statue and they said that is the symbol of unity. I think that is not a fair. Instead of that the government can do many good things but never done. Like use for poor people food and students education.

So, what is the use of this GST. And day by day GST increasing. And if reduced GST many companies interested to develop some more industrials and IIT companies also for that unemployment will decrease in ou India.

Yes, in my opinion, the reduced rates of goods and service tax will lead to economic growth in India, as because New companies will show interest in investing such less taxed goods and more demand goods in the market so that their payback period will less than investing in any other company, through which the Indian economy grows fast.

In my opinion, GST in India beneficial to the public as well as India government and boost the competitive economy of the country by the following ways:

1. Creation of unified national market.
2. Higher threshold for registration.
3. Composition scheme for Small Businesses.
4. Simple and easy online payment system.
5. Elimination of multiple taxes & double Taxation.
6. Boosts to make in India initiatives.
7. Increase in government revenue.

Yes, GST start to reduce many more taxes in India and helpful for customers because in past day many people not giving taxes and doing fraud from government but now GST directly go to the government Account. And, also growing economy of India. GST has pushed the economy one step closer to a common market.

According to my opinion, as govt put some goods and services in low brackets of GST, it is good for a common man as well as it will also boost the economy, bcos after it many needy goods and services become more affordable. As a result of this, the demand will increase as well as the production will also increase and it will help to boost the economy.

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.

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.

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.

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.