Advantages of GST in India

  1. It simplifies the taxation procedure for businesses dealing in goods & services by bringing all indirect taxes under one roof.
  2. All businesses dealing in sale of goods having turnover of less than Rs.40 Lakhs are exempt from paying GST whereas in case of special states, businesses dealing in sale of goods having turnover of less than Rs.20 Lakhs are exempt from paying GST.

    In case of services, the GST limit for service providers is Rs.20 Lakhs whereas in case of special states, it is Rs.10 Lakhs.

  3. It not only helps in catching businesses doing sales without receipts but also helps in minimizing corruption.
  4. It reduces the need of small companies to comply with VAT, service tax & excise duty.
  5. It brings accountability and regulation to unorganized sectors such as textile industry.
  6. It helps in reducing the cost of logistics by removing border taxes as well as check-post discrepancies.
  7. It helps in reducing cases of tax evasion.
  8. It provides opportunity for small businesses to file GST returns every quarter easily via online process.
  9. Businesses having turnover between Rs.20 to Rs.75 Lakhs can lower their taxes by utilizing the composition scheme. It lowers the tax & compliance burden of small businesses.
  10. It is very beneficial specifically for startups as its registration and return filing procedure is very simple.
  11. It also helps in reducing the compliance requirements as number of tax returns to be filed under GST has come down.
  12. Experts also believe that with the introduction of GST, cost of products & services will be reduced in the long run.

Disadvantages of GST in India

  1. More purchases of costly GST software to get assistance in filing GST returns results in high operational cost.
  2. It receives criticism as “Disability tax” when it is implemented on disable persons accessories such as wheel chairs, hearing aid, braille paper etc.
  3. There is an increase in the GST fees within the financial sector from 15% to 18%.
  4. Due to GST, insurance premium become more expensive.
  5. GST put emphasis on “One country one tax” but there are still certain products which are not under GST law. For ex – Petrol.
  6. Smaller businesses especially in manufacturing sector facing high tax burden of GST.

It is tough for some small businesses to adapt to these tax changes as they need to follow online taxation system to file GST returns and making payments

MEET US

What Clients Say

Customer delight is our main goal and we are very serious about it.



Prakash Verma

“Finacbooks.com is a perfect example of a great customer service dealing with the best of accountancy services.“




Praveen Chauhan

“They offered us good quality services in a least possible time at a best Price.“




Pradeep Kochhar

“Finacbooks.com is a trusted network of highly qualified accounting professionals who not only provided us quality accountancy services but also supported us by answering our each & every query on time without any delay. “


Informational, useful and resourceful

Blogs

Catch up our trending topics, news etc. in a simple, detailed and most professional way.

Section 80EEA: Deduction for Interest Paid on Home Loan for Affordable Housing
19 Nov, 2019

Section 80EEA Overview Section 80EE is an existing provision which allows deduction up to Rs. 50000 on interest, paid by first time home... Read More

Section 80 EEB: Tax Exemption on Purchase of Electric Vehicles
19 Nov, 2019

Section 80EEB Overview In union budget 2019, government announced incentive on purchase of electric vehicles. It has also been said by the... Read More

Certificate Attestation: What does it means & why it is required?
18 Oct, 2019

Certificate Attestation Certificate Attestation Services are offered by various companies in India but it is difficult to choose a... Read More

CONTACT US

We Are Everywhere

We are having a wide network operating all across India as well as Internationally.

Contact Us


30+ Offices in
India

10+ Years Experience

Save Your
Time

Quick Turn around Time

Qualified Professionals

Excellent Customer Service

Pan India Network

Our Network

Connect with our chartered accountant in your city


 

Sign up to our

Newsletter

Tax news for chartered accountants, businesses and individual.