We all are habituated to pay up extra bucks by the name of ‘taxes’ whenever we invest on new products or services. Even if we go for movies we need to spend more than the mentioned ticket prices due to the implication of ‘entertainment tax’. While checking out from hotels after a delightful trip with our families and closed ones we need to pay ‘luxury tax’. From groceries to our favorite restaurants we are charged VAT (Value Added Tax). Besides that there are also other sorts of taxes imposed by both Central and State Government. Thus it can be said we tend to hand out a good deal of money in the form of ‘indirect taxes’.

GST (goods and services tax) bill that has been passed by the Government of India can give people relief from paying different types of tariffs. What makes GST stand out is that put an end to every kind of tax and combines them in a single unit. So it brings down the production costs precisely and makes India one allied market. You need to pay for it whenever you purchase any good or service which can be levied by State as well as Central Government. While products like diesel, tobacco, alcohol beverages, etc. are being prohibited from GST.

One of the best outcomes is that it is not being charged on the supply of goods to outside boundaries which is indeed beneficial for businesspersons.

Here are the major advantages that you can revel in due to the introduction of GST Bill:

• Freed from the burden of multiple taxation.
• Same level if taxation for goods and services.
• Reduction on the taxes of manufacturers.
• Smooth circulation of credit in the country.

Alongside advantages, it also comes with certain disadvantages which you need to be aware of. They are as follows:

• There is an increment in the amount of taxes after the exertion of GST. It will rise from 14 to 20%.
• There is a double increment on the tax on retails.
• Importers will have to pay almost 6% tax on the imported goods.
• Once it is implied, each of every system will be totally under the eyes of Central and State Governments.

So it can be concluded that the passing of GST bill by the Government is indeed a remarkable step taken by them as it will facilitate management of economy and will spare people the strain of paying varied taxes.