Lately,
there have been a large number of speculations in terms of the Goods and
Service Tax (GST) as well as GST ReturnFiling in India, but the most significant benefit that it is likely to
provide is an unexpected increase in the employment opportunities.
GST
has united so many Central and State taxes simply into a single tax system, which
makes it less complicated, baffling and affordable for those who pay taxes. The
lower taxes on the one hand better the business undertaking situations and
encourage business owners and entrepreneurs to expand their ventures, which in
turn powers up the employment in the country.
Advantages of timely GST at glance
- 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
- Uniformity in Taxation
- Helping Government Revenue Find Buoyancy
- Simpler and Lesser Number of Compliances
- Lowered Tax Burden on Industry and Trade
Before GST regime:
- A professional consultant providing services for example, Rs 50,000 and charged a service tax of 15% (Rs 50,000 * 15% = Rs 7,500).
- Then say, he would purchase office items for Rs. 20,000 paying 5% as VAT (Rs 20,000 *5% = Rs 1,000).
- He had to pay Rs 7,500 output service tax without getting any deduction of Rs 1,000 VAT already paid on stationery.
- His total outflow is Rs 8,500.
- All these benefits can be availed only when one approach GST Suvidha Kendra for properly carrying out GST return filing timely and in a professional manner.
