Question

Please give me positive and negative effects of GST and it's meaning

Answer 1

the full form of GST is Goods and Service Tax. 

Positive Effects :
1-GST will also help to build a transparent and corruption free tax administration.

2-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. 

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


Negative effects:
1-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.

2-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.

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