merits and demerits of GST

[Ramakrishnan T H]

Sir,

Please provide the details about the merits and demerits of Goods and Services Tax provisions.

Ramakrishnan.T.H

Palakkad

AI Summary

Exploring the Pros and Cons of India's GST: Streamlined Compliance, Investment Boosts, Inflation Concerns, and Industry Exclusions The discussion forum focuses on the merits and demerits of the Goods and Services Tax (GST) in India. Participants highlight potential benefits such as streamlined compliance under a single law, improved tax compliance, increased foreign investment, and reduced tax collection costs. They also foresee challenges, including initial inflation, confusion over compliance, and increased costs for businesses due to necessary training and infrastructure investments. The forum notes ongoing legislative adjustments and the uncertainty surrounding the final GST implementation. Concerns are raised about the oil industry's exclusion from GST and the potential coexistence of existing and new tax laws, complicating compliance.