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The GST is varying the depiction of taxation in today’s world. Things are all set to get easier and better for business holders who are going to come underneath GST. The countenance of market will take a move and this call for a GST filing, training for GST, and to understand everything feasible and keep yourself ready for GST accomplishment.
In today’s situation, each business will have to fulfill tax returns in excise, VAT and service tax. They also have to file return in each state that they work. There is also uncertainty in deciding the position of producer and time of delivery.
With GST in place it does not issue even if you are a dealer, producer, reseller or a service provider. You only require filing GST returns. GST payments will have to be remunerated digital only and thus would carry a wide spread alternative of technology. Business with numerous branches will have to accept a prudent technology to assist branch transfers that is actually GST charged and have to re-plan their places as the benefit of state wise discrepancy taxes will be removed and the country would become a sole market.
Advantages of GST return filing
- Consistent platform
The integration of GST in India the indirect taxes will be efficient and consistent. In the GST rule the business will no more have diverse VAT and service tax. GST will be the only tax that will be functional all over the country for trading, buying, offering services and creating a single market all over the country.
- Including taxes
GST will include other taxes like additional customs duty, central sales tax, luxury tax, purchase tax, etc. Therefore, in GST, various taxes in continuation today would be included and combined into single tax. This would create tax compilation, fulfillment and bookkeeping simple for business all over the country.
- Lower tax rates
In some states that come in VAT rule the businesses are needed to fulfill VAT rules once they traverse a yearly turnover of Rs.5 lakhs. In GST rule, GST accountability accumulates only if an entity traverses a yearly turnover of Rs. 10 lakhs in north east states and 20 lakhs for the remaining country.
- Simple to do business
Many businesses such as computer sales and services businesses, restaurants, have to fulfill both VAT and service tax rules, but with the integration of GST it will reduce the load from such businesses as they will have to reimburse only single tax and that is GST. Thus, making the path of doing business much simpler.
- Bigger tax base
With the accomplishment of GST it is anticipated that the tax base will augment considerably. The whole tax responsibility for businesses will decrease overtime as more and more business will become acquiescent. GST will be uniting hands with newest technology involving data from Aadhar record, PAN record, etc, to create GST registration and GST filing procedure as flawless as feasible.