Pros and Cons of GST

Pros of GST

 Easier to understand for the taxpayers and will simplify compliance

 Uniformity of rules and regulations of levy, assessment, collection and rates will mean easier administration and proper collection and voluntary compliance

 Bringing India at par with international taxation standards.

 Increase in revenue for the Governments.

Cons of GST

 States will have revenue sharing issue

 If the dual rate and control system which is existing under the current taxation schemes in India not properly combined – then the purpose of GST is defeated. It’ll be the same ol’ Service Tax/ Excise Duty and VAT bur under a different name!

That is all folks on GST worth knowing – for bank and insurance exam purposes!

For the successful candidates of IBPS SO (written), SBI Clerical (final), and SSC CGL 14 (Tier 1) – a big congratulations – and for the hopefuls of IBPS PO and Clerical ’14 (finals) – keep the prayers on full mode!

Update 9 May 2015

Constitution (122nd Amendment) Bill, better known as the GST (goods and services tax) Bill passed on Lok Sabha, now it will be presented in Rajya Sabha. As it is a constitutional amendment, at least 50% attendance is required and 2/3 of the votes are required in favour of amendment.

Update 10 October 2015

"Missing the April 1, 2016, deadline does not mean going to 1st April 2017. GST can be implemented anytime during the year" - CBEC

GST can be implemented anytime during 2016. In 2015 Parliamentary sessions, Congress didn't let the Government to pass the bill.