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ABOUT DISADVANTAGES OF GST:
Disadvantages of GST: The government has discharged the GST BILL. The entire country has welcomed the huge economic and as well as Tax reform. Goods and Services tax is a tax on Goods and services. GST is leviable at every point of sale. GST is leviable for each provision of service. At the time of sale or providing the services the seller. GST is simply similar to VAT tax. GST is termed as national level VAT on both goods and services. The main and only difference in this Goods and Services Tax system is that not only goods but also services are included. But the rate of tax on services and goods are same. In this post, we have written the Disadvantages of GST tax. Check it.
- By considering the many economist’s words, The implementation of GST in India would also show impact more on real estate market. This would increase the buying price of the new home price by 8% and which reduces the buyers market by 12%.
- GST charged by the government as Central Goods & Services Tax for Central, State Goods & Services Tax for state government are nothing but terms which are earlier treated as CST, vat and service tax.
- Goods and services tax is a little bit confusing taxation because in this GST Bill double tax is levied in the single taxation name as GST Payment.
- Mostly from now onwards all the indirect taxes are called as GST. CET (Central Excise Tax) is charged at the time of the product manufacturing, but in GST tax will be charged at last selling stage.
- There are no major reductions of the tax layers, so there is no major advantage.
- Currently, the retail products have only 4% tax on. But under GST Tax bill, clothes and retail products would become more expensive.
- Adoption and implementing of the GST tax would involve some troubles and also burden for the total ecosystem.
- Central Excise taxes are mostly don’t paid by the dealers and simply cheat the govt by just paying the VAT. But now, all of those dealers would pay the GST.
- As per the survey, some of the economists has reveals that GST tax in India would have negative impacts on the market of real estate. For new homes, under the GST tax would add 8 % to the prices and reduce by 12 %.
- Some of the economists are also shares that Central Goods & services Tax, State Goods & Services Tax are nothing new, CGST and SGST are nothing but a Central Excise/Service taxes, and also CST and VAT taxes.
Items which are expected to become costlier under GST:
Below are the things for common man which are going to be costlier under GST tax. check some GST Disadvantages now.
- Phone Bills
- Banking and investment management services may get costlier
- Life insurance policies of renewal premium may become expensive
- House rents
- Students School fees
- Metro or Rail tickets
- Drinks which are aerated become costlier under GST tax.
- Tobacco and cigarettes products prices become expensive.
- Courier Services.
These are the negative effect of GST system. we have also provided What are the advantages of GST? For more details, we have provided so many articles about GST system which will help to clear all your doubts about GST Payment tax. Check out our more articles regarding GST Tax.