Question

explain the advantages mad disadvantages of GST​

Answer 1

Answer:

the advantage of GST is that Indian government get money from GST rapidly and the disadvantage of GST is that GST is India is very high so no other countries from foreign don't want to came India just because of these taxes and GST

Answer 2

Answer:

he GST Advantages

GST is a transparent tax and also reduces the number of indirect taxes.

GST will not be a cost to registered retailers therefore there will be no hidden taxes and the cost of doing business will be lower.

Benefit people as prices will come down which in turn will help companies as consumption will increase.

There is no doubt that in the production and distribution of goods, services are increasingly used or consumed and vice versa.

Separate taxes for goods and services, which is the present taxation system, requires division of transaction values into value of goods and services for taxation, leading to greater complications, administration, including compliances costs.

In the GST system, when all the taxes are integrated, it would make possible the taxation burden to be split equitably between manufacturing and services.

GST will be levied only at the final destination of consumption based on the VAT principle and not at various points (from manufacturing to retail outlets). This will help in removing economic distortions and bring about development of a common national market.

GST will also help to build a transparent and corruption-free tax administration.

Presently, a tax is levied on when a finished product moves out from a factory, which is paid by the manufacturer, and it is again levied at the retail outlet when sold.

GST is backed by the GSTN, which is a fully integrated tax platform to deal with all aspects of GST.

GST Disadvantages

Some Economist says that GST in India would impact negatively on the real estate market. It would add up to 8 percent to the cost of new homes and reduce demand by about 12 percent.

Some Experts says that CGST(Central GST), SGST(State GST) are nothing but new names for Central Excise/Service Tax, VAT and CST. Hence, there is no major reduction in the number of tax layers.

Some retail products currently have only a four percent tax on them. After GST, garments, and clothes could become more expensive.

The aviation industry would be affected. Service taxes on airfares currently range from six to nine percent. With GST, this rate will surpass fifteen percent and effectively double the tax rate.

Adoption and migration to the new GST system would involve teething troubles and learning for the entire ecosystem.

Explanation:

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