A very hot topic of discussion in India from the past many years is nothing but GST. Goods and service tax which has been implemented by the government in this current financial year is something that has become a burning topic in India. There are people who have different aspects for this new tax rule. As people only know a less about this tax and this is why there is a lot of confusion regarding that. It is because of lack of knowledge there is a lot of confusion for the same. To eradicate such worries of people, in this article we are highlighting the positive impact of GST on the small and medium enterprises.
Ease in Starting Business: Earlier a business which need to operate in different states of India had to register for VAT of every state but now with GST there would be one country and one tax. GST enables a centralized registration that will make starting a business easier and the consequent expansion an added advantage for SMEs.
Less Tax Burden on New Business: According to the new structure of tax in India, businesses with a turnover of more than rupees 5 lakh need to pay a VAT registration fee. The government mulls the exemption limit under GST to twenty-five lakhs giving relief to over 60% of small dealers and traders.
Faster Delivery Services: Under the GST bill, no entry tax will be charged for goods manufactured or sold in any part of India. As a result, delivery of goods at interstate points and toll check posts will be expedited. This hence would enhance the faster delivery services.
One nation one tax is what is the whole sole aim of GST and to much extent it has achieved success in the same. All the nation wants is a good understanding of the same. There are many dependable and reliable tax service companies that could be contacted for the same.