The new gst tax regime rollout is meant to integrate various indirect tax under one tax structure unifying the nation as an one market. These roll out is game changing reform for the Indian economy cascading the effect of tax.
1) No indirect taxation
Sudden increase in taxation led tax payer to worry about price rise as this will be result if tax increases. Previously tax payer wont know the over lapping of taxes . But after GST roll out , payers atleast know about what tax they are paying. Now the consumer wont have to worry about the overlapping tax as new regime unifies all taxes.
2) Price rise check
Now the tax paid for inputs is taken off taxes to be paid for the final product, or output. This way more people pay taxes instead of the consumer bearing the burden of taxes levied at every step of manufacturing.
3) Taxation becomes digital, so are the tax payers
After roll out, Every tax payer has to file the tax or income tax digitally advancing them and thier equipments according to gst changes.
4) Production Increase
The roll out changed the way tax was levied to the final customer. Now as the trader or manufacturer doesnt have to pay indirect tax hence its leads to more production and competitiveness.
The air travel and local cabs fare have been reduced by 5% .so this is good news for the people in this sector.