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agreed that constitutionally, petroleum products will come under ambit of GST but its tax rate
will be 0% in GST and will be later on decided by the GST Council with a majority of 75%.
This act does not implement to Jammu & Kashmir as Centre does not have power to do so.
Jammu & Kashmir has to make their own similar law and then that law will be integrated with
the GST Act so that they can also benefit from the same. What are the
Benefits of GST?
The very basic benefit of GST is that it will reduce the possibility of tax manipulation by the
authorities as there is only single tax to be paid in contrast to multiple taxes in earlier system .
This method or system is much more transparent. This will gradually eradicate inflation and
various provisions like the compensation cess will benefit the state also.
Consumers will the most benefited party and they should be as Consumers are deemed to be the
King. What are the disadvantages of GST?
There are various thought saying GST is nothing but the old taxation law implemented with new
name and some new provisions. GST again gets divided between CGST and SGST. This may
lead to dispute between state and Centre.
Moreover many commodities will be charged higher as tax will be charged some products on
which there were no taxes earlier or their tax rate will be increased to either 12% or 18% or 28%
if they were earlier charged with say for example 10% ,16% or 26% tax respectively.
GST is a very length and cumbersome procedure which will take time and man power.
GST covers 29 states 2 Union Territories and The Centre. So many opinions will unnecessarily
delay the decisions and thus the main motive behind the GST will vanish.
Conclusion
Every concept has both positive and negative aspects. Just on the basis of some negative aspects,
a system cannot be just torn out which has many big long term advantages.
Thus the GST should be widely accepted and supported because similar to the Demonetisation
Policy, this will also come up with flying colours.
As correctly said, “GST is like that one slightly expensive and bitter pill given by the doctor
instead of various pills. Now it is your call whether you want to take that one pill or go for
many”.