What are the prospects of a revamped GST 2.0?
Explore the possibilities and implications of the proposed GST 2.0.
- Streamlining of tax structure: GST 2.0 could simplify the current system by further reducing the number of tax slabs and bringing more items under a uniform tax rate.
- Boost to economic growth: The revamped GST could lead to increased compliance, efficiency in tax collection, and business expansion, ultimately contributing to economic growth.
- Improved ease of doing business: With a more simplified tax structure and smoother compliance processes, GST 2.0 could enhance the ease of doing business for enterprises.
- Consumer benefits: A better-designed GST could potentially lead to lower prices for consumers due to reduced tax burden on businesses, leading to increased purchasing power.
- Impact on different sectors: Certain industries may benefit more from GST 2.0, such as the manufacturing sector, while others might face short-term adjustments to the new structure.
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a month ago