What is GST and Why it is Important for Your Business

1. Presented By : IS Gulati What is GST and Why it is Important for Your Business

2. GST GST stands for Good and service tax which is implemented by the Government of India last year. There is much uproar in favor or against GST from businessman and political parties. Hence, if you are also perplexed about What is GST and why is it important for your business then go through this article.

3. What are the taxes that GST replaces? The GST will replace several existing taxes. These are the following taxes that will be eliminated after the introduction of GST.Central Excise DutyService TaxCountervailing DutySpecial Countervailing DutyValue Added Tax (VAT)Central Sales Tax (CST)OctroiEntertainment TaxEntry TaxPurchase TaxLuxury TaxAdvertisement taxesTaxes applicable on lotteries.

4. What will be the short-term impact of GST? A lot of businessmen are worried about the impacts of GST on their business. After the implementation of GST the price of fuel will increase for a short period of time. The GST rates start from 5% to 18% hence the service fees would increase in restaurants and cinema halls. Another problem with GST is that it has not included a major source of Government Income liquor and petrol and it occurred due to the capitalist who want to escape from paying taxes.

5. What’s the benefit of registering a business under GST? If you are running a business and want to know what are the benefits of registering your business under the GST, then go through the following points.Once you'll register your business under GST, your business would become legally recognizable that would prevent you from all future legal implications.

6. Convenient Filing If you are a small business owner then you can take the assistance of your charted accountant who would assist you in filing the GST. If you are looking for best chartered accountant firm in Punjab then you are at right place.

7. Reduced Tax Barriers One of the most astounding features of GST is that it reduces the tax barriers among all states of India. Before the implementation of GST, it was hard to sell people from other states. One needs to pay different types of tax to get able to sell their product. For small businesses, it was a tough task to handle all these issues but after the introduction of single tax across the nation, it becomes convenient to sell across different parts of India.

8. Easy Shipping Before GST, shipping your product across the different state of India was a hassle. You need to go through several documentation process and taxes to ship your product to another state. The GST regime tries to solve all these issues because the various states and national taxes need not to be paid. As part of GST, the government is eliminating border checkpoints, which saves time and fuel and helps your products arrive on time.

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