What is GST?GST is a form of Value Added Tax that would include all the indirect taxes into one throughout all the regions of India. That means every state will have the same GST rate unlike now where the states can fix their own rates
More competitive business environment: l shift the burden of taxes from the manufactures in India where the tax system is unfairly skewed towards the consumers. Manufacturers will pay lesser taxes and there will be an environment of greater competitiveness and more freedom in business.All confusion regarding what is a manufacturing or service activity will be removed. All economic activities will be "economic activities" only and will be taxed.
Every coin will have its own possitive and negative side The Centre will fix the percentage of revenue to be shared with the states. Thus the autonomy of states will be compromised.The money that was not taken from the producer under the system of tax credit in GST will be recovered from the consumers, which definitely is a negative for the "consumer community
This is definitely a big burden for the taxpayers(common public).Some of the states may even suffer a loss on the account of tax sharing and the center itself may decide on the one-time compensation.Extreme high interest rates for the hotels as 28% will hit the crowd directly and immediately.This might even dig out the well-renowned hotel community.Gold rates getting higher day by day is an impact of this gst at 3%
