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Advantages of Goods and Services Tax

by Ananya Nair Accounting and Legal Services
GST stands as Goods and Service Tax. Goods and Service is the common tax system that is proposed by the government. In simple words today we are paying multiple taxes such as excise duty, customhouse, value-added, octroi, service tax etc. GST is implemented all these taxes will be replaced by a single taxes which is called as [ Goods and Service ] Tax.If you want your business to register with the GST act in Delhi, then you should approach Tax Home.

Advantages of GST: The GST is expected to give following benefits:

  • Elimination of Multiple Taxes: The biggest benefit of GST is an elimination of multiple indirect taxes. All taxes that currently exist will not be in a picture. This means current taxes like excise, octroi, sales, CENVAT, Service, turnover tax etc will not be applicable and all that will fall under common called as GST.
  • Unorganized sector is regulated under GST
  • Higher threshold for registration
  • Saving More Money: For a common man, GST applicability means the elimination of double charging in the system.
  • This will reduce the price of goods and services & help common man for saving more money.
  • Easy Tax Filing and Documentation: For a businessman, GST will be a boon. No multiple taxes means compliance and documentation will be easy. Return filing, tax payment, and refund process will easy and hassle-free.
  • Reduction in Tax Evasion: It is a single tax which will include various taxes, making the system efficiency with very little chances of corruption and Evasion.
  • GST eliminates the cascading effect of taxes
  • Increase in Revenue: It will replace all 17 indirect taxes with the single tax. Increase in product demand will ultimately increase tax revenue for state and central government.
  • Simple and easy online procedure
  • The number of compliances is lesser
  • Defined treatment for E-commerce operators
  • Improved efficiency of logistics
  • Composition scheme for small businesses

If you are looking for your business registration under the GST with the help of GST expert. FinacBooks will give you the bet GST rates in India. So approach FinacBooks and enjoy various benefits under the GST. FinacBooks offer services like company registration, GST Registration, individual loan and international taxation at an affordable and effective cost.

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About Ananya Nair Advanced   Accounting and Legal Services

25 connections, 0 recommendations, 109 honor points.
Joined APSense since, June 5th, 2018, From New Delhi, India.

Created on Jan 20th 2022 05:49. Viewed 236 times.

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