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Top Advantages and Disadvantages of GST in India

The Goods and Service Tax was implemented in India on 1 July 2017, with a purpose to create a uniform tax regime for the smooth transaction of all goods and services.

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Top Advantages and Disadvantages of GST in India

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  1. Sign In Remember me Sign In Username: Password: How It Works Explore Join APSense Articles Articles Recommended Reading? +0 Browse Articles » Finance » Top Advantages and Disadvantages of GST in India? Top Advantages and Disadvantages of GST in India? Top Advantages and Disadvantages of GST in India? by Nisha SharmaSEO Executive 0 Sponsored The Goods and Service Tax was implemented in India on 1 July 2017, with a purpose to create a uniform tax regime for the smooth transaction of all goods and services. It seeks to remove the cascading effect of various taxes and merge the business on a single mechanism to pay correct taxes quickly. What is GST? GST is perceived because of the replacement of all indirect tax levied presently on the products and offerings across the nation. It is an indirect tax that will function as a single domain of tax levy on the national level. It will be liable to pay at the end of consumption at a uniform tax rate. GST has a vast scope in India and establishes a cooperative link with the Indian market, thereby boosting economic growth. Ad Space Available - Rent it Now! Tags Links advantages of gst disadvantages of gst gst in india tax laws in india alankit limited More Articles The Financial Advisor in Delhi helps to make investment through SIP Certified Financial Planner in Delhi Helps To Invest In Different Investment Scheme Let’s head over and seek the advantages and disadvantages of GST: Certified Financial Planner in Delhi Should Give the Knowledge about Finance Top Advantages of GST: Financial Advisor in Gurgaon, a Knowledge Based Advisor, To Your Problems 1.Eliminate the cascading tax Effect: GST is an indirect form of taxation that was introduced to combine all indirect taxes under one roof. GST will remove all the cascading tax impact or tax on the tax process efficiently. The liability to pay tax at every step is absorbed into GST and is imposed on the goods and services bought. 2.Increase Threshold Limit: By the implementation of GST rules, the minimum threshold limit for registration is increased. Previously under the VAT Act, the business that had turnover above 5 lakhs had to pay VAT. However, under the GST, this threshold limit is increased to 20 lakhs, and it will be beneficial for small vendors. The Financial Advisor in Ghaziabad Knows Key Elements of Mutual Fund Similar Articles The advantages and disadvantages of IVF Treatment What are the advantages and disadvantages of Blockchain? Advantages and Disadvantages of Cookies Advantages and Disadvantages of This USB Type C Hub What is IPTV? Advantages and disadvantages 3.Simplicity at its Best: In India, the indirect tax is replaced by the Goods and Service Tax (GST) as a substitute for 17 indirect laws. The new GST tax law shall encounter a more accessible period to envision. 4.Kind of Investment Boost: With the new regulations in the current tax laws in India, an individual can’t avail input on capital goods. But with GST, an individual can benefit from the input tax credit on capital goods. In this way, the investment can surely go up with an expected 6% rise. Top Disadvantages of GST: 1. Increase in Operational Cost: With the implementation of GST in India, the business must hire professionals or provide training to their employees about the GST rules. However, it will overall increase the cost for small business owners. 2.Costlier Service: Before the implementation of GST, the service tax rate was 15%. But now it has increased to 18 – 20%, and with the increasing rate, various services have become costlier like telecom, banking, and airline. This seems like the only major disadvantage of GST in the long run. 3.The difficulty for the businessman: According to the rules of GST tax, the management of the business is rendered to state and central governments as the businessman is binding by law. The difficulty occurs for many business owners across India. However, hiring professional experts like Alankit Limited can solve this problem. 4.Penalties Imposed for non-GST compliant: Every business must comply with the rules and register them with the GST portal, and if they don’t comply, they must pay penalties. To know more about penalties, contact here. Sponsor Ads Ad Space Available - Rent it Now! About About Nisha Sharma Nisha Sharma SEO Executive SEO Executive 304 304 connections, connections, 6 6 recommendations, recommendations, 829 Joined APSense since, August 1st, 2017, From Delhi, India. Joined APSense since, August 1st, 2017, From Delhi, India. 829 honor points. honor points. Report this Page Report this Page Created on 23 hours ago. Viewed 96 times. Tweet Share on APSense Comments No comment, be the first to comment. Please sign in before you comment. Please sign in before you comment. Home Home - - About APSense About APSense - - How It Works How It Works - - Privacy Policy Privacy Policy - - Terms of Use Terms of Use - - Contact Us Contact Us - - Tools Tools - - Directory Directory - - Upgrade Your Account Upgrade Your Account ©2021 APSense Ltd. All Rights Reserved. ©2021 APSense Ltd. All Rights Reserved.

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