Advantages of GST for Startups
By Team Legistify / 2016-09-22
Goods and Services Tax is a value-added tax, levied at all points in the supply chain with credit allowed for any tax paid on inputs acquired for use in making the supply. Therefore, it is the end consumer who bears this tax as the last person/entity in the supply chain. The introduction of GST in India is resulted to major simplification of indirect tax structure at both Centre and State levels – replacing the multiple layers of complex taxation currently existing in India.

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The Good and Services Bill, 2014 received the President of India’s assent paving the way for the eventual replacement of multiple indirect taxes with a unified tax structure across India. Even the Cabinet has approved the formation of the Goods and Service Tax Council to be headed by the Finance Minister to meet the April 1, 2017 deadline for GST implementation.

GST is creating new business culture: PM Modi

The Goods and Services Tax (GST) is creating a new business culture in the country, and in the long term, its biggest beneficiaries will be consumers, ” Prime Minister Modi said here on Wednesday, adding that “increased competition due to the GST will lead to moderation in prices, and will directly benefit poor and middle-class consumers.”

The Prime Minister was speaking after inaugurating a two-day international conference on consumer protection hosted by the Consumer Affairs Department and UNCTAD.

Highlighting the steps taken by his government to protect consumer interests, Modi said the use of technology in the past three years had set in motion a “new ecosystem for grievance redressal”.

Goods and Services Tax is a value-added tax, levied at all points in the supply chain with credit allowed for any tax paid on inputs acquired for use in making the supply. Therefore, it is the end consumer who bears this tax as the last person/entity in the supply chain. The introduction of GST in India is resulted to major simplification of indirect tax structure at both Centre and State levels – replacing the multiple layers of complex taxation currently existing in India.

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Get connected to the Best Lawyers and Chartered Accountants Near You!


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