ADVANTAGES & DISADVANTAGES OF GST

Some of the Advantages are:

1.  Common tax rates for all
2. Boost to "Make in India" Initiative
3. Will Eradicate Corruption
4. Will Reduce Tax Evasion
5. Easy and Comfort Return Fillings
6. Relief to Small taxpayers
7. Benefits of Consumption and QRMP scheme
8. Manual work of Returns are Completely vanished
9. Tax Payment made easy
10. Removed Double taxation
11. No Chances of Fault in Return fillings and Tax payments
12. After Introducing GSTR 2B No chances of Claiming Wrong ITC or Wastage of any eligible ITC
13. Greater Certainty
14. Reduced and Uniform Tax rates
15. No GST on essential and daily used goods
16. Transactions can be tracked from origin to consumption
17. Destination based Taxation

Some of the Disadvantages are:

1. Those who are not equipped with Online facilities they will face trouble at the beginning.
2. Those who are not equipped with the use of softwares they will face trouble at the beginning.
3. We have to pay tax to Central and State Govt both seperately.
4. Multiple Tax rates.
5. Multiple state registration Like you have to take registration for every state in which you have started business.
6. For those who are not equipped and never used before any taxpayers will definitely need Professionals.
7. As the whole system of taxation has changed many are not able to understand new methods of filling and therefore they will need professional which will increase their expense.
8. Increase in operational costs.
9. Loss of ITC to small taxpayers under Composition Scheme.