GST is good or bad for common man in india
After Demonetization GST is a word which is one of the most trending topic in India in every sector from common citizens to higher corporate world everywhere GST is hot topic. If you are preparing for competitive exam or for a company interview then you may know that this topic may come to your group discussion not only that in personal interview there is there will be one or two sure short question from this topic. The commonly discussed topic is “GST is good or bad for common man in India”.
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Competitive Candidates from city like Bhubaneswar are not very much update on this type current topics which may Cause the failure on their job interview or bad performance in group discussion. Institutes which are giving Group discussion, Spoken English and personal interview training in Bhubaneswar and Personality development courses in Bhubaneswar should emphasis on this type current topics in their Pre placement training in Bhubaneswar programs which will very help full to candidates.
The GST is a Value added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and State governments. Though GST is considered to be a historical tax reform in India, it also has some demerits. We here would look into GST Taxation and deal with its advantages and disadvantages.
Advantages For GST:
- GST is a transparent tax and also reduce number of indirect taxes.
- GST will not be a cost to registered retailers therefore there will be no hidden taxes and and the cost of doing business will be lower.
- Benefit people as prices will come down which in turn will help companies as consumption will increase.
- There is no doubt that in production and distribution of goods, services are increasingly used or consumed and vice versa.
- Separate taxes for goods and services, which is the present taxation system, requires division of transaction values into value of goods and services for taxation, leading to greater complications, administration, including compliances costs.
- In the GST system, when all the taxes are integrated, it would make possible the taxation burden to be split equitably between manufacturing and services.
- GST will be levied only at the final destination of consumption based on VAT principle and not at various points (from manufacturing to retail outlets). This will help in removing economic distortions and bring about development of a common national market.
- GST will also help to build a transparent and corruption free tax administration.
- Presently, a tax is levied on when a finished product moves out from a factory, which is paid by the manufacturer, and it is again levied at the retail outlet when sold.
- GST is backed by the GSTN, which is a fully integrated tax platform to deal with all aspects of GST.
Agents of GST:
- 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 (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 system would involve teething troubles and learning for the entire ecosystem.
“GST is good or bad for common man in India” the time will observe its ef fect. Though many steps are taken by the govt to give better facility to people. People should understand and wait for its outcome. Initially problem will be there, but slowly things are going to be alright.
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