Goods and Services Tax (GST) is a comprehensive indirect tax that was introduced in India on 1st July 2017, replacing all the existing indirect taxes in the country. GST is a consumption-based tax that is levied on the value-added at every stage of the supply chain. This tax reform is considered to be one of the most significant tax reforms in India’s history, and it has brought about a lot of changes in the Indian tax structure.
The introduction of the GST has helped India to create a unified market, as it has abolished the cascading effect of taxes. Earlier, businesses had to pay multiple taxes, such as excise duty, VAT, and service tax, which led to a higher tax burden. With GST, there is a single tax system, which has simplified the tax structure and has reduced the tax burden on businesses.
GST has also helped in improving the ease of doing business in India. Earlier, businesses had to comply with different tax rules and regulations in different states, which was a significant hurdle for businesses. With the introduction of GST, there is a uniform tax system across the country, which has made it easier for businesses to comply with tax rules and regulations.
One of the significant Advantages of GST is that it has increased the tax base in the country. Earlier, there were a lot of unregistered businesses that were not paying taxes. With the introduction of GST, businesses with a turnover of more than Rs. 20 lakhs have to register under GST and pay taxes. This has brought more businesses under the tax net and has increased tax revenue for the government.
GST has also helped in reducing the price of goods and services. Earlier, taxes were levied at multiple stages of the supply chain, which led to a higher tax burden on businesses. With GST, there is a single tax system, which has reduced the tax burden on businesses, and as a result, the prices of goods and services have come down.
The introduction of GST has also helped in reducing the tax evasion in the country. Earlier, businesses used to evade taxes by under-reporting their turnover or by not registering under different tax systems. With GST, there is a single tax system, which has made it difficult for businesses to evade taxes.
In conclusion, GST has brought about a lot of changes in the Indian tax structure, and it has been beneficial for businesses as well as the government. It has simplified the tax structure, reduced the tax burden, increased tax revenue, and has improved the ease of doing business in India. The GST Act is an essential part of the Indian tax system, and it has brought about a significant reform in the country’s tax structure.
About the Author:
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Ravi Kumar Saini
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