Benefits of GST in Retail Sector

The Indian retail sector is one of the fastest growing industries in the world, which is expected to grow after the launch of Good and Service Tax in India. GST is a comprehensive tax levied on goods and services at a national level. The introduction of GST in India has resulted in major simplification of indirect tax structure at both central and state levels of India.

If we’ll talk about the retail sector, then there are lots of benefits of the GST Act in Delhi in this sector, which we are going to share below. Check out these benefits presented by us.

1. Reduced taxes

After the launch of GST in the retail sector, the tax burdens on the retailers have been reduced, as they don’t have to pay taxes like CAT, CST, Service Tax, etc. GST has streamlined everything into one single tax, so that it will be easier for the retailers to understand the taxation.

2. Growth of retail market

GST has lead to the unification of the market and eliminated all the confusion related to taxation in different markets. Retailers can carry their business in every state with only a one time registration.

3. Beneficial for startups

The new GST law has attracted a lot of startups, as they only have to register their business only once and can attain the benefits of taxation. They can easily carry out their business operations freely with the new policies.

So, these are the benefits of the GST for the retail sector. So, if you are in the retail sector or want to join this sector, then get the registration of GST in Delhi at tax Home with the help of professionals. They will help you get registered under GST at the best GST rates in Delhi.

Benefits of Filing Income Tax Return on Time

The income tax is levied on the earnings of the individual, businesses, legal entities, etc. If your total income exceeds the basic exception limit decided by the government, then you are liable to file the Income Tax Return every year. Your tax rate is not fixed, as it varies across different sectors and sections. There is a prescribed time to file the ITR for every business and individual.

If you fall under the taxation bracelet, then you would have to provide the declaration to the Income Tax Department in the form of ITR about the earnings you have made in a particular year. You can choose a company for the Income Tax Return filing in Delhi. But before filing the ITR, know its benefits.

The benefits of filing ITR

1.      Faster refund process

If you file your ITR on time, then your refund will be processed earlier, than those who file the ITR later. So why file ITR late, just do it on time and stay stress free.

2.      Easy visa processing

If your plans are immediate to travel abroad, then visa processing requires that you submit your tax refunds on time, especially if you are travelling to the UK, Europe, Canada and USA.

3.      Easy loan processing

Life is full of uncertainties and you never know when you would require the loan. Every bank asks you to furnish your tax returns for the past few years to understand your financial situation. Having tax returns in your hand would speed up your loan processing time.

4.      Avoid penalties

If you will not be filing your ITR on time, then the tax department will send you the notice to file your ITR. And if you failed to file the ITR, then the tax Department of India might penalize you. So to avoid unwanted penalties, file ITR on time.

So, these are the benefits of filing ITR on time. The end of financial year is here, so file your ITR with the help of tax professionals at Tax Home. It is a leading legal advisor that will help you to the ITR file in Nirman Vihar.