Elaborate the significance of the Goods and Services Tax (GST).
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The significance of Goods and Services Tax (GST) is as follows:
- Amalgamation of many central and state taxes into a single tax' would facilitate a common national market.
- Free movement of goods from one state to another without stopping at state borders for hours to pay state or entry taxes.
- Reduction in unnecessary paper work involving a lot of time would be an added advantage.
- The simplicity of the tax should lead to easier administration and enforcement.
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