GST Benefits - Know about The Advantages & Disadvantages of GST

Goods and Service Tax (GST) is an indirect taxation system that is levied on the export of Goods and Services in India. GST is managed and administered by both Central and State Governments. Under the present GST regime, individuals or businesses whose turnover exceeds Rs.40 lakhs (Rs. 10 lakh for NE and hill states) are required to register as a normal taxable person. This process is called GST registration. GST registration can be done easily with the help of FinacBooks experts.

GST Registration Advantages

• GST is a transparent taxation system and helps to decrease the number of indirect taxes in India.
• GST registration influences business growth along with the transportation of goods and services.
• GST will be collected just at the last stage of consumption dependent on VAT.
• Implementing GST registration can help you to build a straightforward and violation-free business organization.
• You’ll be entitled to collect tax from the customers and gain benefits.
• There will be equity in the tax rate.
• GST is supported by GSTN, a fully integrated tax platform to deal with all kinds of GST.
• Various tax-related advantages.

GST Registration Disadvantages

• As per few Economists, there would be an adverse effect on the real estate market. It would add up to 8% to the cost of new homes and decrease request by around 12%.
• A few Experts says that CGST(Central Goods and Services Tax), SGST(State Goods and Services Tax) are nothing but new names for Central Excise/Service Tax, VAT and CST. Therefore there is no major reduction in the number of tax layers.
• Few retail products were having just only 4% tax charge on them. After the implementation of GST garments could become more costly.
• Due to the execution of GST, the aviation business would be affected. Service taxes on airfares currently range from 6 to 9%. With GST the rate would exceed 15% and double the tax rate.
• Acceptance and relocation to the new GST system would include getting problems and learning for the entire ecosystem.

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