Explain the term GST its advantages and disadvantages .tax slab of GST .illustrate the term with five examples
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The GST is a Value added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and State governments. Though GST is considered to be a historical tax reform in India, it also has some demerits. We here would look into GST Taxation and deal with its advantages and disadvantages.
GST Advantages
GST is a transparent tax and also reduce number of indirect taxes.GST will not be a cost to registered retailers therefore there will be no hidden taxes and 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.
GST Disadvantages
Some Economist say 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 four percent tax on them. After GST, garments and clothes could become more expensive.
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ur answer is. .........
The GST is a Value added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and State governments. Though GST is considered to be a historical tax reform in India, it also has some demerits. We here would look into GST Taxation and deal with its advantages and disadvantages.
GST Advantages
GST is a transparent tax and also reduce number of indirect taxes.GST will not be a cost to registered retailers therefore there will be no hidden taxes and 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.
GST Disadvantages
Some Economist say 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 four percent tax on them. After GST, garments and clothes could become more expensive.
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GST - Goods & Service Tax
Step-by-step explanation:
GST - Goods & Service Tax
Advantage of this tax is that earlier their used to be different taxes'VAT , , State Tax , Local Tax , Service Tax , Octroi etc.
and it used to cause Tax complications & double taxation also
To avoid all those hurdles , GST has been implemented
GST - SGST , CGST , IGST
SGST - State GST
CGST - Central GST
IGST - InterState GST
Slabs - 5 % , 12 % , 18 % & 28 %
Learn more
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