Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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GST implementation was indeed a long-awaited, welcome decision by the government which has helped construction equipment industry to align tax rates at a single point.It has helped the industry by relieving them from various procedural restrictions which existed while goods were under transit, like waybills, transit passes and its connected returns and assessments.Removal of checkposts has resulted in significant reduction of transit time.Withdrawal of various forms existing under VAT regime like Form C, H, F etc., has helped the industry to concentrate on their core business, resulted in reduction in manpower and/or channelising such resources to other core areas and also mitigated the risk associated with non-receipt of these forms.Unlimited availability of input credit, by change in the definition of input credit, for all transactions, is one more significant advantage.This enabled flow of credit directly into the system with verification facility, resulting in more input compared to VAT and service tax.
