Will Indian economy grow faster with reduced Goods and Services Tax (GST)?
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26 comments Page 2 of 3.
Payal said:
7 years ago
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.
(106)
Bablu said:
1 year ago
Hello everyone,
In my opinion, Reducing GST could stimulate economic growth in India by boosting consumer demand, improving business competitiveness, attracting investment, and simplifying the tax system. However, the overall impact would depend on how the government manages the potential loss in revenue and ensures that essential public services and infrastructure are not compromised. To maximize the benefits, a well-thought-out strategy to support long-term economic stability and growth would be required.
In my opinion, Reducing GST could stimulate economic growth in India by boosting consumer demand, improving business competitiveness, attracting investment, and simplifying the tax system. However, the overall impact would depend on how the government manages the potential loss in revenue and ensures that essential public services and infrastructure are not compromised. To maximize the benefits, a well-thought-out strategy to support long-term economic stability and growth would be required.
(5)
Riya said:
5 years ago
Reduced GST will encourage shoppers/consumers to shop in bulk because they won't have to worry about the tax rates. Back in the time of VAT, consumers didn't know about each layer of tax that was added in the whole process starting from production to sales, they were beware of it, so they didn't think much about the taxes. But today if they know the rates of GST which if high will not allow them to shop more. Reduced GST will help in increasing sales.
(22)
Sumanta Bhue said:
7 years ago
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.
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.
(19)
Deepak Gupta said:
1 year ago
Hello Everyone.
In my opinion, present GST system is good for the Indian economy.
But as we know In India people have different classes, for lower or middle-class people this GST system is not good because they don't want to pay taxes.
So, I think for lower or middle class people GST must be reduced.
Other side elite-class people don't hesitate to pay taxes.
This way reduction in GST will boos our Indian Economy.
In my opinion, present GST system is good for the Indian economy.
But as we know In India people have different classes, for lower or middle-class people this GST system is not good because they don't want to pay taxes.
So, I think for lower or middle class people GST must be reduced.
Other side elite-class people don't hesitate to pay taxes.
This way reduction in GST will boos our Indian Economy.
(4)
Shubham Sahu said:
7 years ago
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.
(10)
Vivek chaudhary said:
7 years ago
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.
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.
(19)
Sandeep Chauhan said:
7 years ago
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.
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.
(29)
Rahul Poonia said:
7 years ago
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.
(20)
Raj said:
7 years ago
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.
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.
(32)
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