What are the positive and negative impacts of GST?



The theme is very crucial at this point of confluence where there are different factors that laid great emphasis in indirect tax reform and it was eulogized has one of the biggest every reform in India's Indirect taxes. The acronym for above elucidation is termed has GST which means Goods And Service tax. The above said reform plays a crucial role in improving the collection of taxes and also brought transparency in this complex system.

The Government of India tried its level best in implementing the GST from July 1st 2017, where it had undergone paranoia to bring political consensus among different political parties for implementation. Though the committee was constituted in this regard in 1999 by NDA lead A. B. Vajpayee government but it crossed to took up to until now. The earlier period is termed has uncertainty in indirect tax reform where double taxation was prevalent such has sales tax, octroi tax etc . Because, the manufacturers and sellers ( retail level ) have to pay the money . In order to derive a solution, the Government had brought the new tax reform and after the implementing this modification the ease of doing business was increased.
One among the positive impacts of the GST is that it brought the transparency in the India's indirect tax reform. Moreover, consolidated the various taxes such has sales tax, central excise, VAT and the tax payers are initiated to pay one tax. The GST is protected by the GSTN integrated tax platform to deal with all aspects of GST. The implementation of the new system, has increased the rank of the country in the category of doing business report published by the world bank and positioned itself at 30th rank. It removed the multiple tax system that was replaced with a new one. But, GST has two parts, central GST and state GST. GST is applied only at final point of consumption and now the entire tax regime is corruption free and transparent.
Some of the negative impacts of GST are that the system is claimed to have inflicted damage to the real estate sector and also brought lots of confusion in the market due to the multiple tax slab system. There will be a heavy loss to some states such has Maharashtra, Tamil Nadu etc where the maximum number of companies and factories are present and this would dwindle the amount in indirect taxes. The intention of GST is to have an uniform rate system that was prevalent in all over the world, but contradicting to the presumption it was constituted into five tax slab systems. There were apprehensions among some business sectors such has Gold, textiles etc where implementation of the GST would be hindered for their business because due to surge in the price. The other impacts which it holds is increasing prices of service sector such has banking, telecom, airline etc. It will take some time for the people to get acquainted with the new system that was unleashed in the middle of the year. It is against the ONE NATION ONE TAX where multiple tax slabs are available. There are critics who blasted the government on the GST issue because the economists are claiming that it had slow down the economy .
The Government of India's intention to launch GST is to bring transparency and efficiency in tax administration. It is eulogized by the Government of India has long term reform.

Comments

Post a Comment

Latest Updates on official website of Educaterer India

Loading...

Labels

Show more

Don't Miss To Read This

Image

Different Types of Guest Room Cleaning Agents / Chemicals (R1 to R9)

Cleaning agents are the most critical aids of housekeeping department in their day to day operations to keep the room and public area neat and clean. When it comes to Cleaning chemicals / agents Taski or Diversey products are considered as the bench mark in hospitality industry. There are specific products which need to be used for each cleaning requirement and these cleaning agents are given specific codes eg: R1, R2, R3 (The letter 'R' Stands for 'Room Care'.) Etc. for ease of identification, recognition and use. TASKI / Diversey R1:  Cleaning and Sanitising of Bathroom / Toilet surfaces   Area to be cleaned:  All batroom surfaces, sink, tub, tiles, floors and fittings How to Dilute: For cleaning : 20 ml in 1 ltr. water For sanitizing : 50 ml in 1 ltr. water Usage of this Cleaning Agent: Spray directly on the surface to be cleaned Leave for 2 seconds Scrub if necessary and wipe surface with clean and dry cloth Replace cloth regular...
Image

Kitchen Organisation Chart / F&B Production Organization Chart

The organisation chart of F&B Production department should provide a clear picture of the lines of authority and the channels of communication within the department. In a large hotel the department is headed by the  Executive Chef  who is assisted by the Executive Sous Chef. Kitchen / F&B production department chart not only provides for a systematic direction of orders, but also protects employees form being over directed. The chart shows that each employee should take orders only from the person directly above him / her. A copy of the chart should be posted in an area so that all kitchen staff can see where they fit into the overall organisation of the department. Ideally the organization chart need to be placed on the kitchen notice board. Hotel F&B Production Organisation chart  Kitchen Organization Chart for Small Hotel / Restaurant
Image

Different Types of Cleaning Cloths and their uses in housekeeping

There are different variety of cloths which are used in the housekeeping department for performing various cleaning activities like wet and dry cleaning by the housekeeping staff. For efficient and correct usage of these cleaning cloths same should be colour-coded and also the staff need to be well trained on selecting and using different type of cloths for specific type of cleaning. Swabs:   These are all-purpose cloths made of soft, absorbent material. They are used for wet cleaning and damp dusting of all surfaces above floor level. They can be also used for cleaning sanitary fittings such as bathtubs and wash basins. Wipes:   Wipes include loosely woven or knitted cotton cloths and non-woven cloths. Synthetic sponges may also be grouped under this category. They are available in various sizes and shapes. Sponges are better than cloths for washing walls, woodwork, glass and upholstery. Dusters:   These are meant for du...