What is swift in ios ?

NI Nimesh asked on 01 July 2019, 10:55
3 answers / 134 views / 1 votes
AM

GST stands for Goods and Services Tax levied by the Government in a move to replace all of the indirect taxes. The main reason behind introducing GST is to improve the economy of the nation and that is why it is beneficial.

Advantages of Goods and Services Tax (GST) :

  • GST is a single taxation system that will reduce the number of indirect taxes. From now, a single taxation term would cover all of those indirect taxes.
  • The Prices of products and services would reduce , thus this system would prove to be beneficial for the people who are fed up of paying high prices.
  • This would reduce the burden from the state and the central government. With the introduction of GST, all indirect taxes would come under a single roof.
  • GST would not be charged at every point of sale like other indirect taxes so in this way, market would be developed.
  • Corruption-free taxation system. GST would introduce corruption-free taxation system.

Disadvantages of Goods and Services Tax (GST) :

The opposition is to the way it is being implemented. It’s complex nature of compliance.

GST was supposed to Simplify taxation and make taxation easier. Is this happening?

Multiplicity of Tax Slabs

Instead of having a single or two slabs, we have 5 Slabs in GST - 0%, 5%, 12%, 18%, 28%

It does not end there. There are items which don’t fall under GST. And there is Cess.

This hardly looks simpler than what existed previously.

See: GST tax rates and GST slabs in India 2017

Multiplicity of GST

Center(CGST), State(SGST), Inter-State(IGST). Ideally there should be only one.

Compliance

You need to file returns 3 times a month for every state in which you operate. That means at least 36 filings in a year per state.

If you have trade even in 25 states in India, then number of times you file returns are: 36 x 25= 900.

This is fine for large companies with army of accountants. Small Traders, and upcoming companies with meagre resources will not find this easy.

Computer Based

Most small traders are barely computer literate, and do not have IT infrastructure. They would be dependent on ‘others’ to do this return filing on their behalf. Move towards computerization is great - but are small businesses ready for it?

Most importantly

  • When rules and regulations are Simple - people tend to understand what they are doing and there is high compliance.
  • When rules are complex - people have to depend on ‘experts’, they barely understand what they are doing, and it gives rise to red-tape.

Points on “How Goods and Service Tax (GST) will be beneficial for INDIA”:

  • GST is a single taxation system that will reduce the number of indirect taxes. From now, a single taxation term would cover all of those indirect taxes.
  • The Prices of products and services would reduce , thus this system would prove to be beneficial for the people who are fed up of paying high prices.
  • This would reduce the burden from the state and the central government. With the introduction of GST, all indirect taxes would come under a single roof.
  • GST would not be charged at every point of sale like other indirect taxes so in this way, market would be developed.
  • Corruption-free taxation system. GST would introduce corruption-free taxation system.


NI
Nimesh 10 p.
Answered 3 months ago (Edited 3 months ago)

fgfdgsfgf @Nimesh