As we all know Goods & Service Tax or GST is a standard tax policy proposed by the government & has been effectively placed across industries. As the name says itself, GST is the general tax collected on Goods & Services. In the past, we used to ay various taxes including, VAT (Value added charges), customs duty, Octroi, excise duty, service tax and more. Once, the GST is put in place - all these taxes are replaced by it. The purpose of implementing the GST is to lessen the tax burden of indirect taxes. Nowadays, one can quickly file for the GST Return Online.

Why we need GST?

In the category of Indirect tax reforms, GST is one of the biggest in the country. It improved the overall economic growth of the country by bringing together the state economies.

GST, as you must have already read, is an indirect tax levy on consumptions, sale, and manufacture of goods and services at the national level. It will replace all other indirect taxes levied by central and states. TDS Return is also an important tax service.

 Today, there are more than 150 countries around the globe that have GST in place. On July 1st, 2017 India implemented the GST, and it has affirmed the Duel GST mode where both Central and State levy taxes on  Services or Goods or both.

IGST: Integrated Goods & Services Tax (GST), collected by the Central government.

SGST: State Goods & Services Tax (GST),  collected by the State government.

CGST: Central Goods & Services Tax (GST), collected by the Central government.

Let's have a quick read on some of the top benefits of GST.

Benefits of GST to Consumer:

• The increment in employment opportunities
• Level of transparency increased in the taxation system
• Throughout the country, the goods & services prices will have the uniformity
• Due to the elimination of cascading goods & services are accessible at reduced prices
• The simpler tax system for the average Indian - to comprehend it better.

Benefits of GST for Traders

• Implementation of GST removed the needs of the distinction between goods & services.
• Lesser rates and exemptions are experienced by the traders that give them ease of doing business.
• Boost the development of a common national marketplace.
• For exporters, GST brought more efficient neutralization of taxes.
• Mitigation of double taxation is witnessed.
• The multiplicity of taxes also reduced with GST.

These days it is a cake walk to register for GST. However, if you are still looking for a professional GST registration service provider then let us help you out.