GST means Goods & Services Tax very popular tax system all over the world. The finance minister Arun Jaitley also started this tax system in India after seeing many positive benefits from GST country. You need not panic about new GST tax system. It is very easy and profitable goods and services provider to maintain the best in class profit in a unique way. This article helps you to get the valuable information about the positive and negative effect on the local Indian market. First of all, we start from the negative effect of GST on the local Indian market.
Facility to Businessman: This is a very complicated situation of a local businessman who is less educated. It is very hard to start all billing process in a local area where transport and internet connection are not available. It is very difficult to tax system for the business man who works in cash. It is very hard to understand the proper method of paying tax to the government. It makes hard to do business in a local market in cash. First of all, the government should provide all facility in local Indian market where a business man can pay their tax easily without fraud.
Increase the price of local market: It is very costly tax system to pay high tax according to different tax slab. It will increase the price of the product and their services. It provides less profit to the business man and provides less monthly income in this competitive world. The government should take some valuable step to enhance the skills in digital India to make profitable tax system in India. It is very beneficial for government and less profitable for business man to earn a profit at a reasonable price.
Relief from Double tax: This is very popular tax system in many countries. It provides relief from the double tax system. You have to pay for one time of all type of goods and services that is beneficial for business in long run. You buy some product you get taxed, you sell the product again you get taxed; you got profit from the product selling you again taxed. You get lose from the selling your product you have to pay tax again. This is a money game in name of indirect tax in India from many years. You get the real value of your product money in GST that is profitable and suitable for all type of business man.
Registration and refund process: It is an easy tax system that is suitable for all type of business man. You have to register at GST to get the fast tax refund on proper time. You get the maximum positive benefits from the GST system. The virtual world becomes so easy you can check your all tax details in just a few clicks.
GDP Growth: GST is very beneficial to increase the tax payer that is profitable to enhance the GDP rate. The government gets enough money to do social and economic reform in the country. The GST helps to get the fair tax system and reduce the corruption. You need not pay any bribe to a bureaucrat to run your business smoothly.
These are some positive and negative effect of GST on local Indian market that provides valuable information about the GST effect on the local market.