Question

MERITS OF GST?
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Answer 1

Advantages of GST:

• Companies with a turnover up to Rs.75 lakh under the GST taxation process can benefit from composition schemes and pay only 1% tax on their turnover. This will help them follow a simplified taxation process.

• GST is aimed at reducing corruption and sales without receipts.

• GST reduces the need for small companies to comply with excise, service tax and VAT.

• GST brings accountability and regulation to unorganised sectors such as the textile industry.
• The possibility of tax evasion is minimised completely with GST coming into action.

Answer 2

Merits of GST :-

• It has equalised the rate of tax through out the country.
• Deactivation of vat, sales and luxury taxes.
• Improvement in the logistics industry.
• Regulation of unauthorised sector.
• lowering the number of compliances.
• Provides simple and easy interface for online procedure.

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