VIDEO: All your questions on GST. Answered.

In an interview with CNBC-TV18, an expert panel of guests sat through answering a host of oft-asked questions that are asked over the ambitious goods and services tax (GST) whose Bill will likely be passed in Rajya Sabha Wednesday.The questions covered the subjects below. Watch video for the full conversation.- What is the big advantage of the goods and services tax (GST)?- How will it impact the end consumer? Will things become cheaper?- Will the government’s tax revenues increase significantly and will GST facilitate a better path towards fiscal consolidation?- Will the advent of GST lead to a significant pickup in terms of consumption?- Will it help India become more competitive when it comes to manufacturing, and help achieve the government's Make in India dream?- Will GST address the issue of inequality of rates of value added on a product levied by various state governments?- What is the need for a Constitutional amendment for passage of GST?- Why has there been so much politics over GST? The Congress accused Narendra Modi of derailing the GST when he was Gujarat CM. There have been concerns that state governments with respect to revenue loss. How will all this pan out? - How does the GST council and for now, what has been left out of GST?- Will GST impact inflation?- What change will GST bring to small businesses? Right now they don't pay any excise duty till about Rs 1.5 crore, this limit may go down after GST comes in.