5 optimal benefits of GST every entrepreneur must acknowledge
One of the greatest and most-discussed tax reforms in the Indian subcontinent is none other than GST. GST or Goods and Services Tax got both praises as well as criticisms from the people of India. Nonetheless, the tax reform is very much functional today due to its obvious advantages on the businesses, consumers, and of course, the government. There was a time when people had to pay a plethora of indirect taxes under various heads, like sales tax, service tax, purchase tax, VAT (Value Added Tax), excise duty, and so on. But after GST became operational on 1st July 2017, all these indirect taxes mentioned above got clubbed into one single tax category. In other words, GST became an umbrella term for all indirect taxes that we were paying since time immemorial. The arrival of this tax policy has contributed to the revival of the Indian economy by making it a unified market with a “one nation, one tax” outlook. For businesses, GST made the impossible things possible like reducing th...