Some unique Pros or Cons of GST :
1.ITC is available on all business items except food,hotel outside registered location of assessee,Car,Office building construction and repair.
2.ITC on capital goods is allowed 100% in same month.
3 matching of tax paid with purchase credit -helpful move to detect Tax mafias.
4.Eway bill-complete tracking of goods with state and outside states.
5.NO C form/F from and E form requirement .
6.In future there will be linking with Income tax and MCA which will be helpful to detect tax frauds.
7. Reversal of credit on Non-payment by supplier within 6 months.
Cons (yet to be refine):-
1.Export under bond and payment of IGST,both process will lead to blockage of capital and wastage of time.
2. Small person and big person turnover >2 cr pur in to same basket..which is unhealthier for the Economy…how they could file 3 returns in a month and could take the burden of financial cost of if.
3.No composition scheme for service sector.
4.Lack of awareness about GST provisions…leads to different-2 opinions …once all Returns for a month will be filed than only public could take some results.
5.Still after 3 months of GST implementation …server is not working properly.
Overall GST removed various problems of past taxation and waiting for others to get resolved.