One nation, one tax is the Union Government’s slogan for GST and it can boost economic activity and contribute substantially to gross domestic product (GDP) growth, said experts on Saturday at a function organised by the Raipur Chapter of Young Indians.
The function which was titled ‘GST Simplified – One Nation One Tax’ the experts opined that the upcoming uniform tax rates across all States of India will serve as a unifying force of efficiency.
“Replacing several hundreds of different tax rates across the 29 States of India with just five tax slabs for
all goods and services will reduce friction in the movement of goods and services across State borders,’’ the experts remarked.
The experts added that it is encouraging to see the efforts that the Government is making to bring GST to the best interest of the country. “When implemented, it is expected to usher in a harmonised national market of goods and services and will lead to a simplified, assessee-friendly tax administration system. It will subsume most of the country’s central and State level duties and taxes, thus making the country one national market and contribute significantly to the growth of the economy,” they said.