List of Benefits of GST Registration :- ALL TAX SERVICES-AKB

                  

The benefits of GST registration are as follows-

• Uniformity in Taxation

The purpose of GST is to drive India towards fetching an integrated economy by imposing Uniform Tax Rates and eliminating economic barriers thus making India a nationwide market. The merging of the State and Central indirect taxes into one tax will also provide a major boost to the Government’s ‘Make in India’ initiative, as goods produced and supplied in the country will be competitive in national markets as well as in the international market as well. Besides, IGST will be charged on all imported goods. IGST will be equal to State plus Central GST thereby bringing consistency in taxation on both local & imported goods.

• Helping Government Revenue find Resilience

GST is estimated to help the Government[1] Revenue find resilience by escalating the tax base at the same time enhancing the compliance for taxpayer. The expectation from the reform is to improve the country’s ranking concerned with ‘Ease of Doing Business Index’.

• Cascading of Taxes

The cascading of taxes will be barred by GST as the whole supply chain will have a comprehensive ITC mechanism. Business operations can be efficient at each stage of supply thanks to the seamless accessibility to input tax credit across products or services.

• Common Procedures

The process for registration of taxpayers & refund of tax will be universal, while the format for tax return will be consistent. The tax base will also be common, as the assortment system of goods & services in addition to the timelines for each activity, thereby making sure that taxation systems have greater certainty.

• Common Portal

Since technology will be used heavily for GST, taxpayers will have a common GSTN portal. The process for registration, tax payments, refunds, returns, etc., will be automated and simplified. Whether it is the GST returns filing, refund claims filing, payment of taxes, or even GST registration, all can be done online through GSTN Portal. The verification of ITC will be done online As a result; the process will be much quicker since the taxpayer does not have to interact with the tax administration.

• Lowered Tax Burden on Industry as well as Trade

The average tax burden on trade and industry is expected to be lower because of GST. It results in a reduction of prices and increased consumption that will eventually increase production and ultimately enhance the development of various industries. Domestic demand will increase local businesses that will have greater opportunities, thus generating more jobs within the country.

• Regulation of Unorganized Industries

Certain sectors in the country are highly unorganized and unregulated. GST intend to ensure that payments and compliances are done online, and ITC can only be availed when the provider accepts the amount ensuring that the industries have guidelines and accountability.

Composition Scheme

Small businesses can find interval from tax burdens through the composition scheme.

Benefits to the Common Man

The benefits of GST Registration to common man are as follows-

• A good number of goods and services are either exempted from tax or charged at 5%;

• The underprivileged will receive their dues on time;

• Small traders will have smooth functioning;

• Simplified tax structure with few exemptions;

• Products and services will move freely;

• Increased competition between producer and industry will benefit customers.

Benefits to the Economy

The benefits of GST Registration to the Economy are-

• Increase in manufacturing process;

• Generation of more jobs enhanced through economic activity;

• Improvement in exports and investments;

• Formation of a unified common market.

PLEASE CONTACT US FOR GST REGISTRATION:-

ALL TAX SERVICES-AKB    - CLICK HERE

7979727632