The Goods and Services Tax (GST) has emerged as one of the major taxation improvements that India has ever seen since independence.
The concept behind the launch of the Goods and Services Tax (GST) has been the flaws in the current taxation system. Here are 6 benefits of GST to the common man
Earlier, business owners and common man were forced to pay many taxes such as Value Added Tax (VAT), Central Excise Duty, Purchase Tax and Entry Tax among more. The payment of taxes for goods and services at various junctures finally used to increase the overall price of the finished products. Hence, it was not good for business owners as well as customers.
Also Read About: GST impact on business
With the idea of one nation, one tax, GST came into existence in 2017 to enable businesses and people to feel free and pay just one tax. The GST impact on business was quickly seen as it paved the way for many benefits.
The post was created to help anyone understand the benefits of the GST and how it has affected the common man. With GST in action, you can now rejoice and pay just one tax and instead of so many taxes earlier. It has also led to the simplified taxation in the country as anyone with a turnover of up to Rs.10 lakh yearly is exempted from paying taxes. It is just the beginning as with the years passing by; you will come to acknowledge many benefits of GST on your business, and otherwise.