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In 2017, the Goods and Services Tax, or GST, was implemented. With the introduction of GST "One nation one tax system" was also introduced. The effect of this tax regime is different for different industries. Despite some bugs in the procedural framework, the GST regime offers many exciting benefits to Indian companies. You will save a lot of time and increase your client base by taking full advantage of the GST benefits. The importance of GST for business is generally saving time.
The importance of GST for business in India has been explained below:
After the consideration of 17 indirect taxes by the Government, GST Registration in India provides you with the freedom as well as the flexibility to compete with businesses in the international market. GST also reduces any type of unwanted or additional costs for doing business by cascading the unnecessary taxes. The best part of GST is that no trader needs to pay any taxes before making the supply of goods or services.
The uniformity in the tax structure after the introduction of GST across all the states as well as UTs reduces the rate of indirect taxes and also the additional compliance costing. The tax slabs under GST are fixed: o,5%,12%,18% and 28%.After the implementation of GST, many check posts all over India was eliminated. This also ensured faster movement of goods and services.
This scheme has cut down the compliance costs and made the taxation process more simple. The enterprises with a turnover of above Rs. 20 lakhs must pay a 1% flat rate and also file an annual return.
Small businesses need to pay just 6% of the GST which permits them to operate their business on multiple platforms easily.
The GST process is conducted online. Hence, you need to visit its portal site and fill in all the details to become an active taxpayer for GST. This process supports the Digital India campaign as all the process is conducted online. GST has eliminated the messy process of noting down each and every detail with the introduction of its application software. The reason for importance of GST for businesses via online methods are:
The GST regime solved a lot of issues. GST helped in getting rid of many national and state-level taxes. The transporters now don't need to stop at every check post to pay taxes. The government is also planning to remove all the check posts to save time and also to help the products reach their destination on time. Small business owners can relatively master the GST system easily. The primary importance of GST for businesses is saving time and money in accounting workflow.
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