What are the benefits of taking registration under the GST?
The GST ill was passed on 6th May, 2015 in Lok Sabha and the tax came into effect from 1st July, 2017. GST stands for Goods and Service Tax, which is hailed as one of the best tax reforms of India. The Goods and Service Tax is levied on both goods and services sold in the country. With the implementation of the GST, the ease of starting a business in different states has improved in India.
There are a lot of benefits of taking registration under the GST, which we are going to share in this blog. Register under the GST act in Delhi and enjoy following benefits in your business: -
- Ease of doing business in India
Taxes like VAT and Service tax used to create complexities for businesses, as they have to calculate taxes for the transaction based on different rates levied on different items. But with GST, the invoicing and compliance has become easier, as only one rate has adopted under the GST.
- Nominal tax rates
The biggest benefit of the GST is that the taxpayers have to pay the tax at the nominal rate. The taxpayer, whose annual turnover is less than fifty lakhs are not eligible to collect and upload invoices.
- Multiple tax in GST
Many taxes that were in existence are subsumed and made into one tax called the GST. The various taxes that are subsumed in the GST are central govt. taxes (Central Excise Duty, Service tax, Additional customs duty, Special Additional Duty of Customs, Central surcharges) and State govt. taxes (VAT, CST, Octroi and Entry Tax, Purchase Tax, Luxury Tax, Taxes on the lottery, betting & gambling, State surcharges & Entertainment tax).
These are the important benefits of registering your business under the GST. You can get your business registration under the GST with the help of experts at Tax Home. They will give you the bet GST rates in Delhi. So approach Tax Home and enjoy various benefits under the GST.