The Goods and Services Tax (GST) made the original taxation system of India obsolete from 1st July 2017. GST’s primary objective of GST was to eliminate all the several taxes and bring each one of them under a single umbrella.

The top advantages and disadvantages of GST in India faced a mix of mass criticism and praise from the general public.
One of the advantages of GST was the high exemption limit. Businesses with an annual turnover of less than Rs. 40 Lakh and Rs. 20 Lakh in special category states were exempt from tax.
The Goods & Services Tax also bought the voluntary composition scheme which entities earning less than Rs. 1.5 Crore can enrol in. This scheme enables particular businesses to pay GST at a flat rate.
Abolishing commercial tax was another advantage of Goods and Services Tax. Now, goods can move within states without paying any additional duty.
The introduction of GSTN was another positive aspect that made it simpler for companies to file taxes and register themselves.
Lastly, GST rates played a significant role in curbing corruption, especially in the unregulated areas of sectors like real estate and textile.
One of the disadvantages of Goods & Services Tax was that businesses with a turnover of more than Rs. 1.5 Crore now had to file taxes monthly.
Another disadvantage included no tax holidays. The Government has not yet clarified tax holidays previously present in the old tax regime.
Lastly, the Government imposed GST on various products that previously did not attract tax. These items include motorised wheelchair, hearing aid, braille paper, and braille writers.