7/7/2017 What are the good sides and the bad sides of GST (goods and services tax)? - Quora Goods and Services Tax India (GST) Economics What are the good sides and the bad sides of GST Related Questions (goods and services tax)? Is GST good or bad? for us, the consumers as well as for the country What is the good and the bad side of GST? Answer Request Follow 83 Comment Share 19 Downvote Who does the Goods and Services Tax (GST) in India actually favour? Promoted by Cleartax Is GST good or bad for the country and why? Free trial of first ready to use GST software by Cleartax. How does Goods and Services Tax India (GST) will Make GST billing, invoicing, return filing for free. Sign up now for a free software affect Malaysian in their daily life? access & training. What are the impacts of goods and service tax (GST) Sign up at cleartax.in on the financial market of a country? Can GST (Goods and Services Tax) really make any 22 Answers difference? How will the introduction of a GST (goods & service Harleen Kaur, CA, Finance blogger by passion, Co-founder @ fintrakk.com tax) affect the C&F agents? Will new jobs be created Answered Jan 31 or reduced? GST bill covers the Goods and Services Tax and shall be the biggest indirect tax Is the Indian GST good or bad? reform providing a uniform and simplified way of Indirect taxation in India.Once introduced it will replace a number of other taxes like VAT,CST,Service tax,CAD,SAD, Will the proposed Goods and Services Tax (GST) boost the Indian economy? Excise,Entry tax,purchase tax etc. GST or Goods and Services Tax - A new law,a new tax will bring with it new Question Stats challenges to face. 82 Public Followers The basic idea for introducing GST is converting India into a single market.This 194,180 Views might have a positive impact on GDP of India and help to boost the Indian economy. Last Asked Nov 6, 2016 Dual system of GST includes : Edits 1. SGST or State GST - collected by State Government. 2. CGST or Central GST - collected by Central Government. 3. IGST or Integrated GST - collected by Central Government. Positive Impact of GST : A unified tax system removing a bundle of indirect taxes. Less tax compliance. Removes cascading effect of taxes. Manufacturing costs will be reduced,hence prices of consumer goods likely to come down. Due to reduced costs some products like cars,FMCG etc.will become cheaper. A unified tax regime will lead to less corruption which will indirectly affect the common man. Hence,this is possible only if the benefit is actually passed on to the consumers. Negative Impact of GST : Services will become expensive.e.g.Telecom,banking,airline etc. Being a new tax,it will take some time for the people to understand its implications. It is easier said than done.There are always some complications attached. It is a consumption based tax,so in case of services the place where service is provided needs to be determined. https://www.quora.com/What-are-the-good-sides-and-the-bad-sides-of-GST-goods-and-services-tax 1/7 VAT or Sales Tax. All of the newspaper were flooded this news as a boom.GST is a long term strategy and the positive impact shall be seen in the long run only. in the name of VAT.5k Views · 20 Upvotes · View Timeline Upvote 20 Downvote Add a comment. swach Bharat taxes and so many others. Test your knowledge on GST and see how prepared you really are.quora. luxury tax and octroi. GST Bill can increase India’s GDP by 2%. state-level taxes like. Let us hope GST proves to be a game changer in a positive way and proves to be beneficial to the common man.com/What-are-the-good-sides-and-the-bad-sides-of-GST-goods-and-services-tax 2/7 . One Tax Every middle class person struggles to fulfill his and his family needs. Associate Manager . Goods and Services Tax India (GST) was rolled out at midnight. A simple coffee which is of 195 rupees after adding up tall the taxes it comes to 263 Rs.. Most of the Economist is believing that this is https://www. entry tax... service charges.. Start now at zoho.4k Views · 25 Upvotes · View Timeline Upvote 25 Downvote Add a comment.Quora If actual benefit is not passed to consumer and seller increases his profit margin. For details on GST you can refer : GST : What is the impact of GST on the common man ? 42. KloudData SAP GST Solutions 38. excise duty. Recommended All Promoted by Zoho Corp How much do you know about GST? Take a quiz to find out. entertainment tax. As per various analysts.com/books/ Sameer Ahmed. removing several layers of taxation such as purchase tax.7/7/2017 What are the good sides and the bad sides of GST (goods and services tax)? .Digital Marketing at KloudData (2013-present) Answered Apr 21 GST or Goods and Services Tax Bill aims to create a uniform tax structure pan- India. GST will be rolled out in a few days. Recommended All Arpan Pandey. However.the prices of goods can also see a rising trend. He always get stuck between different charges. counsellor (2016-present) Answered Jul 1 One Nation. The GST Council has fixed the tax rates for 1. 12 per cent.quora. For example 5% 12% https://www. 5 per cent. some of the items will now be taxed at higher rate. However.com/What-are-the-good-sides-and-the-bad-sides-of-GST-goods-and-services-tax 3/7 .211 items. The government has imposed the tax rates in a way that essential services and food items remain in the lower tax bracket and luxury services and products attract higher tax.7/7/2017 What are the good sides and the bad sides of GST (goods and services tax)? . Good news for consumer as the government has issued this thing to pass on the benefits from lower tax rate to consumers. keeping a majority of these in the 18% slab. I think (this time government is thinking the same) that it will reduce the burden on consumers.Quora going to impact every Indian as prices of a large number of goods and services have been changed now. The GST Council has bracketed all the goods and services in the country in five categories – 0 per cent. 18 per cent and 28 per cent. quora.com/What-are-the-good-sides-and-the-bad-sides-of-GST-goods-and-services-tax 4/7 .7/7/2017 What are the good sides and the bad sides of GST (goods and services tax)? .Quora 18% 28% https://www. GST on lifestyle and home: Know your new tax brackets For more details of the things. the lower tax burden can decrease the prices of goods and services. than the rich. let us discuss about some more Benefits :- GST will reduce the complexity of taxes. Challenges The main road block is the coordination among states and center and states. meaning the poor pay more. Number of tax departments will reduce which in turn may lead to less corruption. if the Council is opposed. Companies which are under unorganized sector will come under the tax regime. Inter-state trade of a good would be more expensive than intra-state trade. India is adopting a dual GST. will be lost once the GST Bill becomes law. This.GST rate guide: Know all the things that will get cheaper after midnight So apart from pocket friendly GST. wherein the Central GST will be called CGST and state SGST. in turn. 1 Ask or Search Quora Ask Question Read Answer Notifications Krishna Additional 1% tax levied on goods that are transported across states dilutes the objective of creating a harmonized national market for goods and services. gives more money in the government exchequer. Can facilitate seamless movement of goods across states. GST will plug the leakage of tax.com/What-are-the-good-sides-and-the-bad-sides-of-GST-goods-and-services-tax 5/7 . In the long run. Some critics consider GST to be a regressive tax. Opposition wants a provision capping the GST rate at 18 per cent to be added to the Bill itself.Quora image courtesy:. As per the current arrangements. source :. as a percentage of their income. we may see 2% jump in GDP growth. Reduces the transaction costs of businesses.Editorial Today – All you need to know about GST https://www. The procedure of GST registration would also be made simple. Consensus on uniform GST rates Inter-state transaction of goods and services Administrative efficiency Infrastructural preparedness to implement the new tax reform Criticisms Some has argued that. Deferring the levy of GST on five petroleum products could lead to cascading of taxes. dispute settlement would be subjected to lengthy court procedures. There are expectations among experts that with GST. Another major hurdle is getting the constitution amended by agreement of both the houses. as GST Dispute Settlement Authority in the proposed Bill will only comply with the jurisdiction of the Supreme Court.quora.7/7/2017 What are the good sides and the bad sides of GST (goods and services tax)? . thereby improving the ease of starting a business in India. that get cheaper visit:. whatever federal powers were bestowed upon States by virtue of their powers to tax. with the burden being borne by retail consumers. com Answered Jun 24 impacts of GST is greatly varied. Services will become expensive like e. Recommended All Soumya Prusty.g. GST would introduce corruption free taxation system. POSITIVE IMPACTS OF GST- GST 2017 law is a unified taxation system that will reduce indirect taxes like central excise. it will take some time for the people to understand its implications. etc. com has come up with an excellent article on their blog that is must-read if you need to understand GST. banking. This would increase new home buying price by 8% and reduce buyers by 12%. for this.quora.com/What-are-the-good-sides-and-the-bad-sides-of-GST-goods-and-services-tax 6/7 . The anti- profiteering clause in the GST law mandates that all businesses have to pass on the. VAT. GST is a confusing term where double tax is charged in the name of a single taxation system. Being a new system.. service tax. (more) Upvote 10 Downvote Add a comment. telecom. Positive impact on the central and state level- Improved exports More opportunities for employment Reduced burden on central and state government Enhanced economic growth NEGATIVE IMPACTS OF GST- The introduction of GST 2017 Law would affect the real-estate market. hence prices of goods and services likely to come down. GST would not be charged at every point of sale like other indirect taxes so this way. here are some positive as well as negative sides as well as impacts of GST and its implementation. https://www. Manufacturing costs to be reduced. and airline.Quora Apart from everything about GST. contentmart..7/7/2017 What are the good sides and the bad sides of GST (goods and services tax)? ... Freelancer at Truelancer. the market would be developed. it is very important to understand GST as it is going to create a lot of ripples in the markets and commercial platforms. I just liked the anti-profiteering clause. Recommended All Top Stories from Your Feed https://www.9k Views · 2 Upvotes · View Timeline Upvote 2 Downvote Add a comment.Quora 3.quora.7/7/2017 What are the good sides and the bad sides of GST (goods and services tax)? .com/What-are-the-good-sides-and-the-bad-sides-of-GST-goods-and-services-tax 7/7 ...