GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. The GST system removes the cascading effects of multiple indirect taxes such as VAT, Excise Duty & Service Tax levied by the central & state government on the supply of goods & services in India.
- Elimination of Cascading Effect of Taxes
- Small Businesses Benefit from the Composition Scheme
- Reduced Tax Compliances
- Easier classification
- Increase in Revenue
- Benefits for SMEs and start-ups
- Simple Registration Process
- Enhanced Productivity of Logistics
- Creation of a Common National Market