File Name: merits and demerits of gst in india .zip
- Merits and Demerits of Goods and Services Tax
- GST Advantages and Disadvantages in India
- What Are the Top Advantages and Disadvantages of GST in India?
The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28 th February , wherein the then Finance Minister laid down 1 st April, as the date for the introduction of GST in the country. Thereafter, there has been a constant endeavor for the introduction of the GST in the country whose culmination has been the introduction of the Constitution nd Amendment Bill in December, To answer that question, it is important to understand the present indirect tax structure in our country.
The GST combines all stages of indirect tax such as manufacture, sale, and domestic consumption of goods and services. It functions at a national level in order to replace most of the national and state tax systems like VAT, service tax, excise duty, etc. It removes the cascading effect of distorted tax structure. GST is applicable if an individual is involved in manufacturing, e-commerce, trading, or offering services, and their annual turnover exceeds a prescribed limit. It abolishes multiple layers of tax levied on goods and services.
Merits and Demerits of Goods and Services Tax
Even though it helps boost the economy, there are various advantages and disadvantages of GST. GST benefits in India will assist the Government as well as the consumers in the long run in creating a win-win situation for both. Some of the advantages of GST in India are enlisted as follows:. However, there would be an input tax credit structure in place to ensure that there is no slumping of taxes. GST is levied only on the value of the good or service. It prevents multiple tax layers imposed on goods and services. However, under the GST establishment, the integrated tax rate, simple input of tax credit mechanism and a merged GST Network, where information is available, and administration of resources are well-organised and straightforward for the Government.
By Sathish AR. GST is a unified, destination based indirect tax. Such a tax is imposed on the value added to goods as well as services at each stage of the supply chain. The purpose behind implementing GST is to create a unified market in the country. So, a host of taxes are subsumed and the tax compliance is reduced to achieve such a purpose. Needless to say, GST is certainly one of the path breaking tax reforms of India. In fact, the interim finance minister Mr.
GST Advantages and Disadvantages in India
However, the unified tax system brought with it various GST advantages and disadvantages. The following article enlists each in an elaborated manner. Since its implementation, taxpayers in India have witnessed countless GST advantages and disadvantages. Some of the GST benefits are as follows:. Other GST benefits include increased transparency, lower cost of doing business, increased production, reduced time in transportation, etc. Some of the main GST disadvantages are as follows:. GST search number can be verified easily online.
Advantages of GST · GST eliminates the cascading effect of tax · Higher threshold for registration · Composition scheme for small businesses.
What Are the Top Advantages and Disadvantages of GST in India?
Updated on Jan 04, - PM. It is levied on both goods and services sold in the country. Any reform is bound to have advantages and disadvantages. In this article, we will talk about both the advantages and disadvantages of GST:. Rationalisation of the composition scheme and introduction of quarterly filing option for taxpayers having turnover below Rs 1.
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