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