GST BILL -PROS AND CONS
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IT IS ABOUT GST BILL IN INDIA . ITS ADVANTAGES AND DISADVANTAGES .
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GST BILL -PROS AND CONS
- 1. GST (goods and service tax ) • GST is the proposed bill for changing taxation system in india.It is a policy which will allow single tax in whole country freeing india of multiple taxation system. • The GST include several forms : • CGST(central gst) • SGST (state GST ) • IGST (inter GST )
- 2. Benefits of gst • It will overall reduce the burden on consumer and will boost economy. • Arun jaitely has predicted rise in GDP by 2-3 %annually . • It will end all other cascading effect of tax on tax will give big to consumers from manufact. Sector . • It will increase manufacturing ease in India and will boost public provident fund . • Many europeans and american countries have already implented the GST bill since 2000, and we all can see that how they are developing .
- 3. Path for clearance • Rajya sabha has already passed the constitutional amendment bill. • Ratification of atleast 15 states is required for clearance of GST bill . • After that the bill needs to be cleared on lok sabha . GST council needs to be formed along with new taxation laws and regulation . • And finally president consent is must .
- 4. How will it work • In simple term i can say that overall taxation process will be simple.Any one shall have information regarding GST . • The government will have larger tax base and taxation process will be simple . Five year compensation period will be setup for state government to get compensation . • Central goverment will form GST council which will look into matters regarding it .
- 6. Immediate effect • The service sector may get costlier . Eating outside may be costlier and expensive . This due to rise in service tax from 14% to 18%. • Intially economy will slump . States will have tough time to maintain revenue . • union budget shall loose its importance .