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The much expected GST rollout is set to happen during the Financial Year 2017-18, reducing compliance and improving ease of doing business for millions of small businesses in India. The GST is usually an indirect tax that brings majority of the taxes imposed on most goods and services, on manufacture, sale and consumption of goods and services, under a single domain at the national level. In the present system, taxes are levied separately on goods and services. The GST is a consolidated tax based on a uniform rate of tax fixed for both goods and services and it is payable at the final point of consumption. At each stage of sale or purchase in the supply chain, this tax is collected on value-added goods and services, through a tax credit mechanism.
The GST council, at its first meeting, agreed on a revenue threshold of Rs20 lakh below which the traders will be exempted from GST. This limit will be Rs10 lakh for the north-eastern and hill states. The council also managed to reach middle ground on sharing of administrative powers between the centre and the states. It decided that states will get exclusive control over all dealers up to a revenue threshold of Rs1.5 crore thus addressing the issue of dual control over small traders.
Gladefiling is the largest business services platform in India, providing a range of services like company registration, GST registration, income tax filing and m GST registration, GST return filing, private limited company registration, income tax filing and more. The average time taken to obtain GST registration is about 7 - 10 working days, subject to government processing time and client document submission. Get a free consultation for income tax filing with an Gladefiling Consultant.
Advantages of Goods & Services Tax (GST)
A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services like registrations, returns, payments, etc. would be accessible to the taxpayers online, which would make compliance simple and transparent.
Uniformity of tax rates
GST can make sure that indirect tax rates and structures are common across the country, thereby increasing certainty and easy of doing business. In other words, GST would make doing business within the country tax neutral, irrespective of the choice of place of doing business.
Ease of business
GST can bring one country one tax concept. This can avoid unhealthy competition among states. It will be useful to do interstate business.