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Students welcome GST regime

One of the benefits of GST is the merging of a huge number of central and state taxes into a unified tax system that will mitigate the cascading tax system which will in turn encourage inter-state trade and pave the way for a common unified national market.

This summed up the discussions at a symposium conducted by the students of economics in St Joseph’s College.

The session began insights on what are taxes and the purpose of taxation in India which include revenue for the government to allocate resources and also ensure equal distribution of income among the rich and poor. A presenter, Anusha Bharat, said, “One of the major functions of the government is to ensure that there is minimum inequality in the distribution of income and to end the idea of rich getting richer and poor getting poorer.”

The symposium discussed the basic features of a good tax structure which includes a simple and clear tax system that encourages saving and investment. The symposium also discussed the multi-tier system of the GST where luxury cars, tobacco and aerated drinks are levied with 28% tax. Anand said, “The government fixes tax rates to influence consumption”.