BENEFITS OF GST IN INDIA

GST has eliminated the cascading effect of tax:

GST is a form of indirect tax designed to bring all indirect taxes together under one umbrella. The GST reduced the cascading effect of the tax that was evident before.

The registration threshold is higher:

Before, under VAT, any company with a turnover of more than Rs.5 Lakh was liable for VAT. This limit was different in different states. Also, service providers were exempted from service tax if the turnover was less than Rs.10 lakh. Under the GST, this threshold was increased to Rs.20 lakh, which exempted many small traders and service providers.

Small Business Compounding Scheme:

Small businesses have the advantage of being able to exercise the option of using the compounding scheme. The composition scheme consistently consulted compliance and tax burden for small businesses.

Simple and easy online procedure:

The GST recording process is completely online and is super simple. It has provided considerable responsibility and regulation to these industries.

Less Compliance:

Under the GST, only one return needs to be submitted. There are approximately 11 GST returns all of which can be filed online. ELIXIR BUSINESS SOLUTION can also help you submit your GST returns.

Improved logistics efficiency:

Under the Goods and Services Tax Act, restrictions on interstate movement of goods have been significantly reduced. This reduction in unnecessary logistics costs has generated benefits for companies involved in the supply of goods through transport.

Unorganized sector is now regulated by the GST:

Before the GST era, many industries in India, such as construction and textiles, were largely unregulated and unorganized. Under the GST, there are provisions where compliance can be met online. This has brought considerable accountability and regulation to these sectors.

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