The positive and negative impacts of GST on Indian economy and public.
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Good effect of GST - GST will also help to build a transparent and corruption free tax administration.
GST is backed by the GSTN, which is a fully integrated tax platform to deal with all aspects of GST.GST also has an optional scheme of lower taxes for small businesses with turnover between INR 20 to 50 lakhs. It is called the composition scheme. It has now been proposed to be increased to 75 lakhs. This will bring respite from tax burdens to many small businesses.
Negative Impacts of GST in India
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
Removing cascading tax effect, simpler online procedure under GST, defined treatment for E-commerce and regulating the unorganised sector.
GST is backed by the GSTN, which is a fully integrated tax platform to deal with all aspects of GST.GST also has an optional scheme of lower taxes for small businesses with turnover between INR 20 to 50 lakhs. It is called the composition scheme. It has now been proposed to be increased to 75 lakhs. This will bring respite from tax burdens to many small businesses.
Negative Impacts of GST in India
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
Removing cascading tax effect, simpler online procedure under GST, defined treatment for E-commerce and regulating the unorganised sector.
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Positive impact are
1. GST will also help to build 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's again levied at retail outlet when sold.
3. GST is backed by GSTN, which is fully integrated tax platform to deal with aspects of GST.
Negative impact are
1. Some economist say that GST in India would impact negatively on the real estate market.
2. Some retail product currently have only four percent tax on them. After GST, garments and clothes become more expensive.
3. It increases poverty.
1. GST will also help to build 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's again levied at retail outlet when sold.
3. GST is backed by GSTN, which is fully integrated tax platform to deal with aspects of GST.
Negative impact are
1. Some economist say that GST in India would impact negatively on the real estate market.
2. Some retail product currently have only four percent tax on them. After GST, garments and clothes become more expensive.
3. It increases poverty.
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