- According to many economists, the introduction of GST in the country would impact real estate market. This would increase new home buying price by 8% and reduce buyers’ market by 12%.
- GST levied by the government as CGST for central, SGST for state government are nothing but fantasy terms representing older terms Service Tax, CST, and VAT in a new way.
- GST is a confusing term where double tax is charged in the name of a single taxation system.
- Most of the indirect taxes would now start coming under GST. The Central excise tax is levied at the time of Manufacturing but GST is levied till the selling stage.
- Most of the dealers don’t pay central excise tax and cheat the government by simply paying the VAT. But all of those dealers would be forced to pay GST.
There are approx. 140 countries where GST has already been implemented. Some of the popular countries being Australia, Canada,Germany, Japan, and Pakistan, to name a few. Implementation of GST impacts a nation both ways, positively and negatively. Ignoring negative aspects, positive aspects can be taken into consideration, in order to improve the economy of the country.