Why Is GST Registration An Important Process?
GST or Goods and Services Tax replaced many taxes that were previously imposed by both the central and the state governments such as the VAT, excise duty and service tax and was one of the greatest economic reforms of the recent time in India. Crucial reforms made by GST • After the GST regime, people don’t have to deal with the tax on tax effect or the cascading effect as all the indirect taxes are now under one umbrella. • As the threshold limit of what the businesses have to pay has been increased to Rs. 20 lakh, many service providers and small traders are exempted. • Small businesses have a reduced burden with the composition scheme brought by the GST. • As there is one unified return that has to be filed, the different returns and compliances of each tax do not need to be done. • The efficiency of logistics has improved a lot as the inter-state movement is easier now. The ease and benefits...