Goods & Service Tax - GST
What is GST ?
GST - Goods and services tax is brought up at 1st July 2017 by our respected prime minister Mr. Narendra Modi to clear all the other tax and replace all that taxes with just one and only commmon tax all over in india. This is the fact news which was known by everyone but the hidden news is this concept is first proposed by the Atal Bihari Vajpayee Government and was firstly implemented in the Assam State of India. The main goal to brought this up is to bring economic of all the states into one and increase the economic growth of the nation.
Advantages of GST
- Easy and simple for administer to manage
- Higher revenue efficiency.
- Relief in Tax Payment.
- Removes the Cascading system.
- Profit for manufacturers and wholesalers
- Improve the competition strategy
- Better control on loss
- System becomes Transparent
Disadvantages of GST
- Increase the cost of product.
- GST is an online tax system so all have to compulsory appoint the accountant for it.
- Moreover SMEs has to suffer burden to pay higher tax.