Notes

Benefits
To the government:

It generates a stable and predictable tax income in both good and weak economic environment.
It is an efficient tax due to the comparatively lower cost of administration and collection.
It allows the Government to lower corporate and personal income taxes, which in turn encourages more foreign direct investment. This leads to overall economic growth.
To businesses and individuals:

Most large, established businesses are GST registered – getting your business GST registered is often a signal to customers that your business is an established business and has certain size.
GST is a fairer tax system. It taxes the self-employed and wage earners only when they spend their money.
GST taxes apply only on consumption. Savings and investment are not taxed. This will encourage people to save and invest in productive activities.
Cost of doing business is reduced, thereby contributing to lower prices. Businesses do not suffer a tax cost due to the multi-stage credit mechanism since the real taxpayer is the end-user.
Drawbacks

The disadvantage of GST registration is the administrative burden that comes with discharging the duties and responsibilities of GST registration.
One must either study the intricacies of GST or pay an accountant to undertake this work which in some cases can be a reasonably high cost.
Being GST registered effectively increases your selling price by 7%. Your customers who are not GST registered would not be able to recover the GST you charge. So although your costs are reduced because you can recover GST, your customers might not be too pleased.
GST can be a burden to lower income groups, especially during times of high inflation when the 7% tax is paid on the increasing price of daily essentials.