The Goods and Service Tax or GST is a tax system where there is a single tax levied in the economy for goods and services. This taxation system is to create a single taxation system in the entire country for all goods and services.
Introduction of GST is much more essential in the growing environment of the Indian Economy.
If this comes than it will be one of the Major taxation reforms in Indian economy. The main purpose is to simplify the tax system and to create an individual Indian Market to make the economy stronger and powerful also it willreduce the hassles of filing tax forms by Domestic Merchants.
ADVANTAGES OF GST
- GST will reduce numbers of indirect taxes, With GST Customer will know how much tax he is paying on the product he bought or services he consumed. Hence, GST is a transparent tax it will bring transparency in all taxes.
- In GST there will be no hidden taxes and costs involve in doing Business.
- Under GST the burden of tax will be divided equally between the manufacturers and services providers.
- In GST system prices of the manufactured goods and services will go down. This will also benefit people as the prices of goods and services go down, people will consume more products.
- All the other indirect taxes like Octroi, central sales tax, entry tax, state sales tax, license fees, turnover tax will clubbed in single GST tax as a result it will be easier in doing business.
- It will promote Exports of the country that will generate employment and boost
- GST will Increase country’s GDP and revenue surplus.
How an Exporter and Importer can take more advantages from This GST system that we will teach you in our practical Export and Import Classes.
People who are planning to export but don’t know how to export and how to import the products from different international markets, can join our course of export and import management with Practical knowledge and all its practical documentation. We will teach you the procedures of export and import also we will guide you how you can obtain the Export and Import licenses in a less period of time without paying extra and heavy Charges.
It is said every coin has two sides and every Action has two reaction positive as well as Negative
Now well will know the Disadvantages of GST
DISADVANTAGES OF GST
- GST may impact negative on real estate industry as it can add up to 7 percent to the cost of new homes and that may reduce the demand of consumers by 10-12 percent.
- Petroleum products and alcohol products are not there in GST Bill.
- Some people say that GST is nothing new reform it’s just a new name for old Taxes.
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