Pros and Cons of Goods and Services tax act?

Pros and Cons of Goods and Services tax act?

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Benefits of Goods and Services tax act:
1. Generates a stable and predictable tax income for all types of economic environments.
2. Encourages govt to decrease personal income tax and thus encourage more foreign direct investment.
3. It is a fair tax system. It levies tax on the self-employed and wage earners only when they spend the money thereby, reducing the burden of the businessmen.

Demerits of Goods and Services tax act:
1. Drawback of the Goods and Services tax act is the administrative burden that comes with discharging the duties and responsibilities of this tax's registration.
2. One must either study the intricacies or pay an accountant to undertake this work which in some cases can be a reasonably high cost.
3. This tax increases the selling price by some standard percentage.
4. It burdens lower income groups.