Goods and Service Tax (GST) Â is an Indirect Tax which has take over many Indirect Taxes in India. Its hugely enhancing simplicity of doing business and expanding the taxpayer base in India acquire a large number of private ventures in India. By canceling various Tax systems into a single indirect tax system, Tax difficulties would be diminished while tax base is expanded significantly.
According to this GST system, all business engaged with purchasing or selling goods or both are required to enlist for GST. Due to this system the tax payers burden of various tax is reduced to one.
- Simple Compliance
- similarity in tax rates and Structures
- Removal of Cascading effect
- simple procedure
- Increase competitiveness
- relief from overall tax burden for the customer
- Increase revenue efficiency for Â government