What are the benefits GST?

by Tax Home Tax Home Legal consultant

GST stands as Goods and Service Tax. GST is the common tax system that is proposed by the government. In simple words today we are paying multiple taxes such as excise duty, custom duty, value added tax, octroi, service tax etc.GST is implemented all these taxes will be replaced by a single tax which is called as GST [ Goods and Service ] Tax.

Benefits 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 tax, CENVAT, Service tax, turnover tax etc will not be applicable and all that will fall under common tax called as GST.
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: GST is a single tax which will include various taxes, making the system efficiency with very little chances of corruption and Tax Evasion.
Increase in Revenue: GST will replace all 17 indirect taxes with the single tax. Increase in product demand will ultimately increase tax revenue for state and central government.
GST eliminates the cascading effect of tax
Higher threshold for registration
Composition scheme for small businesses
Simple and easy online procedure
The number of compliances is lesser
Defined treatment for E-commerce operators
Improved efficiency of logistics
Unorganized sector is regulated under GST

If you are looking for your business registration under the GST with the help of experts at Tax Home. They will give you the bet GST rates in Delhi. So approach Tax Home and enjoy various benefits under the GST.