{"id":5908,"date":"2017-04-09T10:36:11","date_gmt":"2017-04-09T10:36:11","guid":{"rendered":"http:\/\/www.fnp.com\/blog\/?p=5908"},"modified":"2025-05-19T13:22:14","modified_gmt":"2025-05-19T07:52:14","slug":"pros-cons-gst-bill","status":"publish","type":"post","link":"https:\/\/www.fnp.com\/blog\/pros-cons-gst-bill","title":{"rendered":"Opening the magic box of GST Bill for divulging its pros and cons"},"content":{"rendered":"

Author:<\/strong> Arun Raghav<\/p>\n

GST or the Goods and Services Tax is a proposed system of indirect taxation in India which is brought to dissolve all other existing taxes into a single common taxation system for the whole country. This terminology gained much importance and public attention after the emergence of NDA (National Democratic Alliance) government at the centre under the leadership of Prime Minister, Shri Narendra Modi.<\/p>\n

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Image: SlideShare<\/p><\/div>\n

Evolution of the GST bill through the years<\/strong><\/p>\n

GST may have grabbed the headlines and the front page of various newspapers in the recent times but this is not the new issue and the demand for the same was realised in the year 1986. The concept was brought into light by Vishwanath Pratap Singh with the introduction of Modified Value Added Tax (MODVAT).<\/p>\n

This single tax is aimed at subsuming various other existing indirect taxes like central excise duty, services tax, additional customs duty, surcharges, state-level value added tax (VAT) and other such taxes. GST is hailed as a remarkable tax regime as it would eliminate the various inter-state transportation levies on goods entering from one state to another.<\/p>\n

The present GST Bill 2017 comprising of four crucial bills was passed by the Lok Sabha on 29th<\/sup> March, 2017 paving the way for the quick implementation of the GST as per the expected deadline of 1st<\/sup> July, 2017. The four bills related to the indirect taxation system are Central GST, Integrated GST, Union Territories GST and GST Compensation bills that were presented to the Indian Parliament by Union Finance Minister, Mr. Arun Jaitley for the legislative approval. All the four bills were passed successfully by voice vote after the nine hours of intense debate.<\/p>\n

What does the passage of GST Bill mean for India?<\/strong><\/p>\n

As, the remarkable bills have been passed, here are the few important things that need to be understood with this mega economic reform that is going to change the face of Indian economy. Let us throw light on the several pros and cons of this new taxation legislation.<\/p>\n

Pros of the GST- <\/strong>Some of the benefits or pros of the legislation are as follows:<\/p>\n