GST (Goods and Services Tax)的主要缺点包括大幅增加合规负担和运营成本，特别是对于需要升级软件和雇佣专业人员的SME（中小企业）。复杂的税率结构（多级税率）、强制性的数字化流程、网络故障导致的行政延迟、以及对高税率产品的通胀影响也是其主要不利因素。
Advantages: GST simplifies the tax structure, reduces tax evasion, and eliminates cascading taxes, promoting a unified market. It enhances transparency and compliance while boosting the economy. Disadvantages: Implementation challenges, initial compliance costs, and potential inflation in some sectors.
Key Problems of Implementing GST in India
Disadvantages of Voluntary GST Registration
Duty Drawback is a trusted and time-tested scheme administered by CBIC to promote exports. It rebates the incidence of Customs and Central Excise duties, chargeable on imported and excisable material respectively when used as inputs for goods to be exported.
You are eligible for this credit if you are a resident of Canada for income tax purposes at the end of the month before and at the beginning of the month in which the CRA makes a payment (read When your GST/HST credit is paid). In the month before the CRA makes a quarterly payment, you must be at least 19 years old.
Under the GST law, common penalties include a late fees and interest for delayed GST return filing. For tax evasion without fraudulent intent, a penalty of 10% of the tax due, subject to a minimum of Rs. 10,000, is imposed; with fraudulent intent, the penalty equals the tax evaded, with a minimum of Rs.
The main benefit of being GST registered is that you can claim back GST on your business expenses. If you pay more in GST when buying supplies for your business than you charge your clients, you are eligible for a GST refund.
But persons who are engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax or an agriculturist, to the extent of supply of produce out of cultivation of land are not liable to register under GST.
You have to start charging GST/HST on the supply that made you exceed $30,000. You exceed the $30,000 threshold 1 over the previous four (or fewer) consecutive calendar quarters (but not in a single calendar quarter).
Advantages of GST (Merits / Benefits)
GST replaced a variety of central and state indirect taxes, creating a "One Nation, One Tax" system. It eliminates the "tax on tax" burden, as businesses can claim Input Tax Credit (ITC) for taxes paid on purchases.
As mentioned before, GST/HST credits are aimed at low to modest-income individuals and families. If you meet or exceed the income threshold set by CRA for this credit, then you will not qualify.
GST in India has four components – CGST, SGST, IGST, and UTGST. The charge depends upon whether the transaction is intra-state or inter-state. The Central Government charges CGST, while the State Governments and Union Territories levy SGST and UTGST respectively, on intra-state supplies.
Types of GST in India
CGST (Central Goods and Services Tax) SGST (State Goods and Services. IGST (Integrated Goods and Services Tax) UTGST (Union Territory Goods and Services Tax)
Key Benefits:
With lower GST, the overall price of two-wheelers decreases, making them more affordable for the youth, students, and first-time buyers, especially belonging to the lower-middle-class households.
5 Common GST Compliance And Return Filing Problems
Lack of invoices, false invoices, submission of incorrect information (GSTR-1 or GSTR-3B wrongly filed), GSTIN theft and usage, and submission of fake financial records often lead to expensive and legal problems, mainly GST non-compliance.
Businesses dealing in goods are exempt from GST if their annual aggregate turnover is below INR 40 lakhs. For businesses in hilly and northeastern states, this threshold is reduced to INR 20 lakhs to address regional challenges. Service providers are exempt from GST if their turnover is under INR 20 lakhs annually.
Businesses are required to register for GST and pay tax on their annual turnover if their annual revenue exceeds Rs. 40 lakhs in the case of goods supplied and Rs. 20 lakhs for the supply of services.
If you don't register for GST and are required to, you may have to pay GST on sales made since the date you were required to register. This could happen even if you didn't include GST in the price of those sales. You may also have to pay penalties and interest.
You must register for GST if:
Subtracting GST from Price
To calculate how much GST was included in the price, divide the total price by 11 ($1000∕11=$90.91). To calculate the price without GST, divide the price by 1.1 ($1000∕1.1=$909.09).
You could get up to: $533 if you are a single individual. $698 if you are married or have a common-law partner. $184 for each child under the age of 19.
You can claim a credit for any goods and services tax (GST) included in the price you pay for things you use in your business. This is called an input tax credit, or a GST credit. To claim GST credits in your business activity statement (BAS), you must be registered for GST.
A penalty of Rs. 10,000 or 10% of the tax due, whichever is higher, for not registering despite being liable to do so. A penalty of Rs. 10,000 or the tax amount, whichever is higher, for collecting GST but not depositing it to the government within three months.
GST is collected at various supply chain stages, whereas Income Tax is based on earnings and profits. Fact: GST assessments can impact Income Tax liabilities. Disallowed Input Tax Credits (ITC) under GST may lead to higher taxable income under Income Tax, resulting in additional tax liabilities.