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What is GST bill and how it is going to benefit middle class people?
Can you explain to me what the GST bill is and how it's going to benefit middle class people?
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It will replace all indirect taxes levied on goods and services by the central and state governments. Its implementation is expected to make the tax structure simpler and boost economic growth. As far as the benefits for the middle class go, the implementation of this bill is expected to reduce prices of many essential goods and services, since it removes the cascading effect of taxes. In addition, it can help reduce corruption and increase tax compliance, which can lead to more funds being available for welfare schemes.