Hailed as one of the most significant tax reforms of the country, the Goods and Services Tax (GST) has totally wiped out many indirect taxes which were previously imposed by Centre and State such as excise, VAT, and service tax. The tax is levied on both goods and services which are sold in the country.
Services like excise duty of central, services tax, added customs duty, surcharges, and state-level value-added taxes are some sort of items that GST is charging on it.
Other charges include interstate transportation of goods and services. The GST is charging on all transactions such as sale, transferring, purchase, import of goods and services. India adopted two types of IGST model. The SGST under the transaction of an interstate is termed as Central IGST. The tax charged by the state is termed as State GST. For the interstate transaction of goods and services, there is an integrated SGST and it issued by the Central Government.
Any kind of reform is fully bound to have many advantages associated with it. In this article, we will discuss about some crucial aspects and advantages that come with timely GST Return Filing-
Goods and Services Tax has entirely changed the face of indirect tax regime in the country. It has fully subsumed so many indirect taxes and therefore eased taxes for different businesses and compliance easier.
With GST already into complete effect and GST Return Filing for the month of July in the process, the government of India is making robust gains in revenue. GST has also brought in various entities into the tax net.
Industry experts from all sections expect that GST must reduce logistics and inventory costing in the long run. The mildly slower movement across the states of goods carrier has come to a close with the overall transit speed growing up considerably.
As per one of the recently conducted surveys, it has been estimated that the people of India will be able to save as much as Rs. 2300 crore which is spent at different check posts at the border of the states.
To mobilize all these advantages, one needs to have done proper GST Registration seeking help from GST experts which are offering their services on nominal charges. Whether you are a businessman, services provider or retailer dealing in any particular things, you need GST Registration timely.
Timely return filing always gives you extra advantages and you are up ahead of your business. You can get extra business opportunities of you will pay your return on time. So try to register your business under GST and file your returns on time. You can take help of CA Near You to resolve your all GST related queries. It’s your one stop shop for all GST queries.
