Goods and Services Tax
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.
