GST Responsibility To Unorganized Sectors Like Textile Industry
With GST Replacing Multiple State And Central Taxes, Collected Attar
GST Reduced Tax On Some Items To 2% And Others To 7.5%
GST Brings Uniformity In The Taxation Process And Allows Centralized Registration. Gives Small Businesses The Opportunity To File Their Tax Returns Every Quarter Through A Simple Online Mechanism. This Reduces The Multiplicity Of Taxes As They Do Not Have The Resources To Hire Tax Experts.
GST Has Brought Various Indirect Taxes Under One Roof, Thereby Making The Tax Sigue For Service And Commodity Businesses.
Exemption From Payment Of GST GST By Service Provider Companies Having The Turnover Less Than Rs 20 Lakhs. 10 Lakh Pu This Gives Long Care To Small Businesses
Companies With A Turnover Of Up To Rs.75 Lakhs Under GST Tax Aunque Can Benefit From Capitalization Schemes And Make Their Ears An Easy Career For Them.
The Objective Of GST Is To Reduce Corruption And Sale Without A Receipt.
GST Excise Duty, Service Tax And Ecer For Small Businesses
GST Reduces The Cost Of Logistics By Eliminating Border Taxes And Removing Discrepancies At Checkpoints. A 20% Drop In Logistics Costs For Non-Bulk Products Is Clearly An Expected Outcome.
GST Points To A Positive Impact On India’s Gdp. At Least 80% Of It In The Next Few Years
With The Implementation Of GST, The Possibility Of Tax Evasion Has Been Completely Reduced.
GST Disadvantages in India
The increased cost of purchasing software that can aid in the GST filing process leads to higher operating costs for many businesses.
GST has given rise to complications for many businessmen across the country. SMEs with a total income of Rs 75 lakh can avail the compounding scheme, pay 1% turnover tax and have low compliance; However, the downside is that they cannot claim credit for input tax.
GST has come under criticism for being called a “disability tax” as it now levies tax on items like Braille paper, wheelchairs, hearing aids, etc.
Complexities in product taxation have caused manufacturers to suspend their rewards programmes, which will certainly affect consumers.
Within the financial sector, the GST transaction fee has increased from 15% to 18%. With GST, the insurance premium has become more expensive.
The impact of GST on the real estate market led to an 8% increase in real estate prices, leading to a 12% drop in demand soon after it started in June 2017. However, this could be a short-term trend.
Gasoline is not under GST, which goes against the ideals of consolidation of goods.
