Question

pros and cons of GST

Answer 1

Pros of the GST- Some of the benefits or pros of the legislation are as follows: A simple, single indirect taxation system for goods and services. ... Beneficial for manufacturing and corporate sectors due to reduced production cost and average taxes. Increased consumer spending and less tax burden.

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Answer 2

Cons of GST

Every principle, law or an entity as Cons so has GST Also say that GST in India would impact negatively on the real estate market by adding 8 percent to the cost and 12 percent to the demand.

There has been statement made by Experts that CGST(Central GST), SGST(State GST) are nothing but new names for Central Excise/Service Tax, VAT and CST. It has no major reduction in the number of tax layers.

It is expected that after GST, garments and clothes could become more expensive.

GST has also affected aviation industry as earlier Service taxes on airfares currently range from 6 percent to 9 percent. GST has surpassed 15 percent and effectively twice than the early tax rate.

Pros of GST

GST is a simple and transparent tax and has reduced number of indirect taxes.

GST will lower down cost of doing Business and will not costly to registered retailers

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

In case of production and distribution of goods, services are increasingly used or consumed and vice versa.

Earlier tax system requires division of transaction values into value of goods and services for taxation, leading to administration, greater complications, including compliance costs.