Question

debate on topic gst in india. Advantage and disadvantage

Answer 1

Hailed as one of the biggest tax reforms of the country, the Goods and Services Tax (GST) subsumes many indirect taxes which were imposed by Centre and State such as excise, VAT, and service tax. It is levied on both goods and services sold in the country.

GST Day celebrated on July 1st every year: Let’s look back at how GST has done past one year-“One year of GST : A Look Back”

Any reform is bound to have advantages and disadvantages. In this article, we will talk about both the advantages and disadvantages of GST:

Advantages of GST
GST eliminates the cascading effect of tax
Higher threshold for registration
Composition scheme for small businesses
Simple and easy online procedure
The number of compliances is lesser
Defined treatment for E-commerce operators
Improved efficiency of logistics
Unorganized sector is regulated under GST
Disadvantages of GST
Increased costs due to software purchase
Being GST-compliant
GST will mean an increase in operational costs
GST came into effect in the middle of the financial year
GST is an online taxation system
SMEs will have a higher tax burden