what are the demerits of GST//
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Goods service tax in India
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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.
The aviation industry would be affected. Service taxes on airfares currently range from six to nine percent. With GST, this rate will surpass fifteen percent and effectively double the tax rate.
Adoption and migration to the new GST systemwould involve teething troubles and learning for the entire ecosystem.
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.
The aviation industry would be affected. Service taxes on airfares currently range from six to nine percent. With GST, this rate will surpass fifteen percent and effectively double the tax rate.
Adoption and migration to the new GST systemwould involve teething troubles and learning for the entire ecosystem.
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