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Goods and Services Tax (GST) is the boldest of tax reforms post-independence. This will subsume a number of indirect tax legislation and is a tax trigger, which will lead to expansion of economic activities for all major industries. The GST act will not only aid the ease of doing business but also re-engineer business processes of companies. It is not merely a tax change, but a business change which is likely to lead the growth of India’s GDP. GST will bring in various benefits including the following.

  •   Uniformity of tax rates & structures
  •   Removal of cascading effect of taxes
  •   Improved competitiveness
  •   Simple and easy to administer
  •  Revenue buoyancy
  •  Single and transparent taxUniformity of tax rates & structures

It is important for every business professional to learn the nuances of the Goods and Services Tax Act.