Essay On Gst Tax System

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Top 10 Advantages and Disadvantages of GST Tax in India The tax system is one of the major concerns of government all around the globe. Since ages, we are implementing different tax systems and techniques to run the government without a hiccup. The infrastructure of a government depends a lot on the tax system and it is not only today but running from ancient times. We came to know a lot about different ancient tax systems from various pundits of history. India has done something new by implementing the GST tax system in India. There are some people who like the system and some who don’t like it. Here we will discuss about the advantages and disadvantages of the GST tax system but before that, we must know what GST is? GST: There are a lot of indirect taxes in many goods across the country, GST is the single replacement for them. The tax is divided equally between state and central…show more content…
The less developed states will get a push: As per the previous tax system the state can keep 2% of the production tax which is very low if we are thinking of transformation of some poor states. But with the changing GST state government will get a heavy chunk which will help them for the development of the state. Now, like the advantages, there are some disadvantages of the system too. We are going to discuss them below. Disadvantages of GST: 1. Real-Estate will be impacted highly: One of the biggest cons of the GST can be seen in the Real-Estate market and the effects will be very negative. As per GST, the tax for a new home will increase to 8%, which will decrease the demand for a new home to up to 12%, so isn’t that a big blunder in the Real-Estate market. 2. Same laws with a new package: Some of the experts who are saying that the GST is just like an old wine in a newly polished bottle. They are claiming that the features of GST which are SGST, IGST, and CGST are the same as the existing tax system. So ultimately it’s just coming with a new name having same

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