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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.
ConsGST gives too much power on a GST council. It can choose which taxes to keep
under GST. GST will be applied to a product or not.
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What are the pros and cons of the new GST bill in India?
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Vatsalya Tiwari
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Naman Katyal
First of all let us know that
What is the GST bill ?
The Goods and Services Tax(GST) is a value added tax that will replace all the indirect taxes
levied on goods and services by the government,both central and states,once it is
implemented.
The basic idea of this bill is to create a single, cooperative and undivided Indian market to
make the economy stronger and powerful.
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.
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 Economist says that CGST(Central GST), SGST(State GST) are nothing but new
names for Central Excise/Service Tax, VAT and CST.
Almost 140 countries have already implemented the GST including Australia,
Canada,Germany,Japan and Pakistan.
France was the first country to implement GST in 1954.
Watch here a presentation on GST by Rajya Sabha TV.