Launch Date: 8.11.2016
Objective: A major war against black money was unleashed on 8th November with demonetization of Rs 500 and 1000 currency notes as the first step.
Achievements: There is a major fillip in digital transactions and unearthing of substantial amounts of black money.
Formation of SIT & curbing of black money
Special Investigation Team, SIT set up at the First Cabinet Meeting after the NDA Government assumed office
GST
- One Nation, One Tax- One Nation-One Market
- Passed by Parliament
- To be rolled on July 1,2017
- 4 Tax Rates- 5%, 12%, 18%, 28%
- Reduction in overall taxes on goods ,estimated to be 25-30%
- Lead to ease of doing business and increase in tax revenue collections.
Benefits of GST
Decrease in Inflation due to
- Reduction in Cascading effect of Taxes
- Overall Reduction in Prices
Ease of Doing Business due to
- Common National Market
- Benefits to Small Taxpayers
Decrease in “Black” Transactions due to
- Self-Regulating on line Tax System
- Non-Intrusive and transparent Tax System
More informed consumer due to
- Simplified Tax Regime
- Reduction in Multiplicity of Taxes
Poorer States to gain due to
- GST being a destination based Tax
- Consumer States to benefit the most
- Abolition of CST
Make in India boost due to
- Exports to be Zero Rated
- Protection of Domestic Industry - IGST
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