Advantages of the Goods and Service Tax

GST has ensued a milestone reformation in the Indian tax system, replacing other Indirect taxes in the country. Abbreviation for Goods and Service Tax, the Indirect Tax came into effect on 1st July 2017, a follow-up post the passing of the GST Act in the parliament on 29th March 2017.

Applied on the supply of goods and services, the Act states that GST is a “comprehensive, multi-stage, destination-based tax levied on every value addition.” 

Advantages of the Goods and Service Tax

The reformation was brought forth by the government to eliminate the intricacies of the legacy tax system and refine it to be economically beneficial to big and small businesses alike, not to mention the overall tax-paying population of the country through a unified tax system.

GST has successfully eradicated the cascading effect that the old tax on the tax system had on the sale of goods and services, bringing down the cost of the same.

Bifurcation within the Goods and Service Tax

There are three applications within the GST, which are:

CGST – It is collected on any intra-state trade transaction by the Central Government

SGST- It is collected on any intra-state trade transaction by the State Government

IGST – It is collected on any inter-state trade transaction by the Central Government

GST is majorly digitized as everything from registration and return filing to any other responses takes place through the GST Portal, streamlining the process making it as seamless as possible.

Our organization offers you an all-inclusive CA-assisted GST registration and filing with a dedicated professional to process your GST registration with end-to-end support. We maintain a highly secured protocol to safeguard client information ensuring zero breaches of trust.

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