Advantage and Disadvantage of GST

Goods and Service Tax (GST) is an oblique tax system which was applied in India on 1st July 2017 and was appropriate throughout India which removes tax limitations between states and center and helps to create an individual market. The GST is controlled by a Finance minister of India.

Advantage Of GST

• GST is a single tax system in which Tax on Tax will be reduced. Several indirect Taxes will be transferred in Single Tax.
  
• The price of GST registered retailers will not be so there will be no hidden and the cost of doing business will be reduced.
  
• production and distribution of goods and services are increasingly rapidly used or consumed.
  
• After the GST Act Union, India has come as a separate market
  
• Goods and service prices will be given at the same price in all the states.
  
• After GST, the Tax rate will be same in all states in all over India.
  
• On all the goods where many taxes were applied, which went up more than 30%, but after the GST was done, the GST has been divided the tax rate into 4 slabs. Which has been made up to 5%, 12%, 18% and 28% Which is less than the last tax rates.
  
• GST will also help to make India corruption free.
  

Disadvantage of GST

• Negative impact on Real-State Market:- The worst negative impact of the GST has been on Real State. GST will increase the cost of new homes by 8%, Which is less than 12% demand.
  
• GST includes CGST, SGST,& IGST which is nothing but
  
• with the existing tax system there is a new name, kind of old wine in a new bottle.
  
• Costlier services: The Service Tax in India is now 15% but the recommended GST is about 18-20%.
  
• Business will be controlled by the center and state government so it may be some complicated for the businessman.
  
• As everyone knows, that there is three type of taxes will be levied under GST which is complicated to maintained and this is not too easy for small Businessman.
  

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