>>>This is only possible only if the actual benefit of G.S.T is passed on to the final consumer. There are other factors,such as the seller’s profit margin, that determines the final price of goods. G.S.T alone does not determine the final price of goods.
1.Removal of cascading effect of taxes i.e. removes tax on tax.
2.Removal of bundled indirect taxes such as V.A.T, C.S.T, Service tax, C.A.D, S.A.D, and Excise.
3.Reduction of manufacturing costs due to lower burden of taxes on the manufacturing sector. Hence prices of consumer goods will be likely to come down.
4.Lower the burden on the common man (i.e). public will have to shed less money to buy the same products that were costly earlier.
5.Increased demand and consumption of goods.
6.Increased demand will lead to increase supply. Hence, this will ultimately lead to rise in the production of goods.
7.Boost to the Indian economy in the long run.
8.Less tax compliance and a simplified tax policy compared to current tax structure
9.Control of black money circulation as the system normally followed by traders and shopkeepers will be put to a mandatory check.