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Impact of Goods and Services Tax

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Question

How is the goods and services tax (GST) more beneficial than the earlier indirect tax system?

A

GST increases the final prices.

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B

GST increases smuggling of goods.

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C

GST reduces paperwork.

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D

GST increases competition between states.

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Solution

The correct option is C GST reduces paperwork.
The goods and services tax has impacted the way intermediaries do business and pay taxes. Everything under GST is computerised. No paperwork is needed. The intermediaries have to get themselves registered online, generate an online bill known as e-bill, and even pay taxes online. This way, the paperwork is reduced.

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Impact of Goods and Services Tax

Standard IX Economics

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