The Central Goods and Services Tax (CGST) Bill, Integrated Goods and Services Tax (IGST) Bill and Union Territory Goods and Services Tax (UTGST) Bill will be passed by Parliament.
It is the intended objective that the GST will simplify the trade and maintenance of accounts (income/ expenditure) and also check tax evasion in the country
GST is expected to have positive effect on trade and consumers in, interalia, the following manner:-
• Simpler tax regime;
• Reduction in multiplicity of taxes;
• Mitigation of cascading of taxes expected to result in reduction in final price of goods or services;
• Anticipated reduction in compliance costs ;
• Uniform Law, Rules, Tariff – between Centre and States and across States;
• Simplified and automated procedures.
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.