Infographic: One tax fits all
Written By Wion Web Desk
Published: Aug 03, 2016, 20:39 IST | Updated: Aug 03, 2016, 20:39 IST
India has finally passed the Constitutional Amendment Bill paving way for the long-pending goods & services tax bill. It will replace 14 older indirect taxes and is expected to boost tax revenue (Research: Saloni Kamboj & Saurabh Goenka)
1 / 7
The one GST will replace 15 different central and state taxes. Broken?down--that means you will now pay the same amount of tax each time you?walk into a restaurant?
2 / 7
The current system of taxation leads to double taxation
3 / 7
The 15 older taxes also had different rates in different states. The?uniform GST will streamline that.
4 / 7
GST will replace 14 different state and central taxes.
5 / 7
The implementation of GST has led to an increase in tax revenue in a number of countries.
6 / 7
GST is expected to boost India's GDP by as much as 0.9-1.7% in the long run
7 / 7