GST (Goods and Service Tax): GST stands for Goods And Service Tax . 160 Countries have already implemented GST. GST was first introduced in France in the year 1954. In India, before GST, there are different taxation system for each state and city for example Suppose a bike cost in Mumbai is Rs 90,000 and same bike cost is Rs 85,000 in Delhi. This is difference is due to Previous taxation system. After GST, The Tax in all state will be Same i.e One Country, One Tax. Advantages: 1. GST is Transparent Tax. 2. Corruption free tax administration. 3. As the tax rate will be equal in all over India. 4. Reduces number of indirect tax. 5. As price will come down which in turn help companies as consumption will increase. Disadvantages: 1. The Service Tax in India is now 15% but the recommended GST is about 18-20%. 2. All the services will be Costlier and that is one of the Disadvantages of GST. Example: Without GST With GST ...
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