merits and demerits of GST
Query (Issue) Started By: – Ramakrishnan T H Dated:- 20-2-2016 Last Reply Date:- 11-9-2016 Goods and Services Tax – GST
Got 10 Replies
GST
Sir,
Please provide the details about the merits and demerits of Goods and Services Tax provisions.
Ramakrishnan.T.H
Palakkad
Reply By KASTURI SETHI:
The Reply:
Sh.Ramakrishnan.T.H,
Destination is far away. So many changes are likely to take place. In this forum, Experts, namely, Dr.Sanjiv Agarwal, Dr.Bimal Jain have written so many articles on GST covering all the aspects. These are very useful.
Reply By Ganeshan Kalyani:
The Reply: Yes as said by Sri Kasturi Sir there are so many changes being incorporated in the GST draft based on the Committee Study. An
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nothing can be concluded as of now in respects of Merits and Demerits.
Reply By MARIAPPAN GOVINDARAJAN:
The Reply:
The merits and demerits could be determined only it comes in effect. Till such times assumptions may be there.
Reply By Ganeshan Kalyani:
The Reply: You may please refer issue id 108821 where Sri Mahir Sir has elaborated the merits. Thanks.
Reply By AJAY JAIN:
The Reply:
Though it is not sure in what form ultimately the GST law would come into play, however, some inherent benefits may be envisaged at this stage like compliance under Single law instead of multiple Central & State laws, broadly all transaction would attract GST, so litigations in respect of determination whether process amounts to 'Manufacture' or not
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eply:
SH.AJAY JAIN JI,
Sir, Thanks for useful preliminary information on the issue. I think still it is not high time even for raring to go inasmuch as the situation is fluid.
Reply By Ganeshan Kalyani:
The Reply:
Sir, whether GST is possible to be implemented this year ???
The Congress has given its support with the condition set earlier. They were I) 1% additional tax ii) 18% fixing a cap iii) an independent judge for GST dispute. BJP has accepted on the terms except fixing of 18% tax rate as a higher rate.
Will this year be a dawn for GST ? Let's toss…
Reply By YAGAY AND SUN:
The Reply:
Merits
* Shall bring growth in GDP.
* Tax Compliance would be better.
* FII shall increase.
* Tax Collection Cost shall go south
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