Goods and Service Tax (GST) Advantages vs Disadvantages

Goods and Service Tax (GST) has been heralded as a necessary tax reform. It aims to merge all the taxes which are different in each state into one uniform tax. This will definitely reduce the confusion regarding the various different taxes that are applicable during manufacturing, purchasing, transportation, and selling of goods, especially over state borders. Less confusion directly relates to less loopholes, and hence more income for the government. However, it is a little difficult to get this passed and implemented, as some states may be against it as it would initially reduce the amount of taxes that they were collecting. The change of procedure and paperwork will also lead to a lot of initial confusion; hence the change should be incremental.

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