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GST: Dos and Don’ts2017-10-04T15:10:00+00:00

GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services which is to replace multiple taxes levied by the central and state governments. Thus, Goods and Services Tax (GST) is an indirect taxation in India merging most of the existing taxes into single system of taxation. GST is undoubtedly, one of the biggest fiscal reforms in India since Independence impacting each and every business whether small or large.

With the introduction of GST, a new regime of business compliance are introduced. Large enterprises will not face any problems adhering to the compliances since they have the required resources and expertise that can facilitate the compliance management. On the other hand, small and medium enterprises (SME’s) and start-ups will find it difficult in complying with these provisions. Thus, to lower the burden of compliance for small businesses, a composition scheme has been introduced under GST law where the assessees have to pay tax at a minimum rate based on their turnover, provided they fulfill the eligibility criteria.

In case you need any help getting a better understanding of GST and its compliances, as a business owner or as someone who is planning to start a business, feel free to consult the GST experts at Tax Aid. You can get all sorts of assistance on GST Registration, return filing and consultations through experts.