The introduction of goods and services tax (GST) is called transformative because it is meant to benefit everybody and hurt none. Here’s why:Most countries have one GST rate, a few have two. Even service tax, which earlier had one rate is now divided into four.Number of returns to be filed under GST could rise several times in some cases. Small business with limited computer literacy, interrupting power supply and poor net connectivity will struggle or go out of business.Business with less than Rs 20 lakh annual turnover are exempt from GST. This creates scope for mushrooming of dummy small companies that remain outside the tax system.Nearly 1/3rd of products (eg petrol, liquor , part of real estate… aren’t yet under GST).

Source: Economic Times June 30, 2017 05:51 UTC