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What are the benefits of GST?

GST is considered a single tax reform, this is the biggest tax reform of our country. The main plan of this Good & Service tax bill is to implement a single tax system. GST subsumes various indirect taxes including 17 indirect taxes and 23 cesses. The Goods and Services Tax system came into India on 01-07-2017.

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What are the benefits of GST?

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  1. GST is considered a single tax reform, this is the biggest tax reform of our country. The main plan of this Good & Service tax bill is to implement a single tax system. GST subsumes various indirect taxes including 17 indirect taxes and 23 cesses. The Goods and Services Tax system came into India on 01-07-2017. This 'one nation, one tax' has many advantages for a manufacturer or a businessman. It is a single tax that carries all the chain of taxes like VAT and services tax. What are the benefits of GST? GST has been designed in order so tax is collected at every stage. GST is an initiative by the Indian government that is a part of 'Make in India'. Uniform GST rates will reduce the incentive for avoidance by removing the rate economics between neighboring States and internal sales. Components of Goods & Services Tax ● Integrated Goods and Services Tax (IGST) ● State Goods and Services Tax (SGST) ● Central Goods and Services Tax (CGST) Advantage of Goods & Services Tax 1. Reduced Tax Evasion & Corruption Free Tax - Implement GST act made tax translucent and Corruption Free. 2. Procedural Benefits - Clear and transparent rules, Common procedures for registration, Ease of bookkeeping, Common tax base, Lesser tax filings.

  2. 3. Regulation of unorganized sectors - Some businesses in India are still unorganized, The GST will help the process of online compliances and payments. 4. Increase Revenue - GST is put back 17 indirect taxes with a single tax, it will lead to an increase in product demand, this will increase the demand for your product which will directly increase your revenue. 5. Beneficial for E-Commerce Business - There was a problem in selling online for a new startup company or business because they had to pay the service tax all the way, but now GST makes it simple now you don't have to calculate many taxes. Why Do We Need GST Consultant Now 2021 every business needs a GST Consultant because of this new indirect tax calculation method. you need a GST registration that's legally recognized as a supplier and GST return, making GST bills, and many more, a GST consultant is required to get all these works done properly,Taxkundali is one of them. Taxkundali is one of the best GST Consultants in Jaipur and the Best Chartered Accountant firm in India.

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