GST has brought in many significant changes in our tax structure. It has eased down the complexities by involving all the taxes into a single tax. GST is applied to every value addition on the goods and services starting from the producer until its ultimate consumer. Value addition means that adding a value to the product and increasing its value. It has helped in reducing the administration complications by subsuming seventeen indirect taxes and twenty- three cess. It has helped a lot in making tax structure neutral and less complicated.

GST includes seven types of taxes which are service tax, excise duty, value-added tax, custom duty, stamp duty, entertainment tax and securities transaction tax. Businesses need to be aware of its implications and should get themselves registered. They can get themselves registered or can take help from GST consultants. The businesses need to understand the treatments of supply of goods and services, interpretations of custom and other GST provisions. They should explore the possibilities of implementing the taxes on their business. The GST consultants in Pune and other parts of the cities can help you out to settle down your business tax and provide guidance to pay GST. There are two forms to pay GST depending upon the geographical area- intra-state level (within state) and intra-state level (between states). For intra-state level, further two types of GST can be levied i.e. CGST (Central goods and services tax) and SGST (State goods and services tax) and for inter-state level, IGST (Integrated goods and services tax) is levied.

Following are some benefits of GST:

  • Regulates unorganized sector- There are many unorganized sectors in India. GST has helped these businesses to streamline the procedure of taxpaying and online compliances.
  • Uniform procedure- GST has led to a smooth and uniform law system and procedures.
  • Online procedure- You can get yourself registered under a clear and simple procedure by going on GST portal. You will be provided with all the simple steps. You may contact any GST consulting company if feel any issue.
  • Increase in revenue- As GST has evolved all the indirect taxes in itself, it has helped to increase the product demand and hence increased the revenues for both the governments.
  • Eliminates cascading effects- GST has helped to eliminate the tax-on-tax thing. It has reduced tax liability and helped to reduce the overall cost of goods and services.
  • Eliminates Tax evasion- GST is an online tax platform, so it adds transparency. The manufacturers get benefit from input tax credit also. It has also helped the government to increase its tax revenues.

So according to the above points, GST has proved fruitful to the Indian economy and made it powerful than before. If you find any problem in GST registration or any other issues related to taxes, it is always advised to contact any indirect taxation company in Pune or other areas near you. Always choose one based on the reviews available online and recommendations of the people.