The Goods & Service Tax or GST is one of the biggest fiscal reforms in India since Independence. All businesses, small or large, will be impacted by this new indirect tax regime.
GST will be levied on both goods and services and will subsume and replace the current indirect taxes such as excise, VAT, and service tax.
Removing cascading tax effect
Higher threshold for registration
Composition scheme for small businesses
Simpler online procedure under GST
Lesser number of compliances
Defined treatment for e-commerce
Increased efficiency in logistics
Regulating the unorganized sector