GST BILL -PROS AND CONS

IT IS ABOUT GST BILL IN INDIA .
ITS ADVANTAGES AND DISADVANTAGES .

1. GST (goods and service tax ) GST is the proposed bill for changing taxation system in india.It is a policy which will allow single tax in whole country freeing india of multiple taxation system. The GST include several forms : CGST(central gst ) SGST (state GST ) IGST (inter GST )

2. Benefits of gst It will overall reduce the burden on consumer and will boost economy. Arun jaitely has predicted rise in GDP by 2-3 %annually . It will end all other cascading effect of tax on tax will give big to consumers from manufact . Sector . It will increase manufacturing ease in I ndia and will boost public provident fund . Many europeans and american countries have already implented the GST bill since 2000, and we all can see that how they are developing .

3. Path for clearance Rajya sabha has already passed the constitutional amendment bill. Ratification of atleast 15 states is required for clearance of GST bill . After that the bill needs to be cleared on lok sabha . GST council needs to be formed along with new taxation laws and regulation . And finally president consent is must .

4. How will it work In simple term i can say that overall taxation process will be simple.Any one shall have information regarding GST . The government will have larger tax base and taxation process will be simple . Five year compensation period will be setup for state government to get compensation . Central goverment will form GST council which will look into matters regarding it .

5. One India one tax

6. Immediate effect The service sector may get costlier . Eating outside may be costlier and expensive . This due to rise in service tax from 14% to 18%.\ Intially economy will slump . States will have tough time to maintain revenue . union budget shall loose its importance .

7. HOPE FOR BEST JAY HIND

8. very much Thankyou