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These Documents are required for GST Registration
Frequently Asked Question
GST reduces tax-on-tax and indirect taxation. It does away with multiple compliances like VAT, service tax, etc. thereby increasing the outflow. With GST, the outflow has been effectively reduced and hence eliminated the cascading effect of taxation.
GST has brought in the composition scheme, which is a boon for small businesses. It has effectively reduced the number of tax compliances & burden for small businesses.
With the help of the GST, a record for all financial transactions can be easily maintained. This has made it easier for small and medium-sized businesses to keep precise records of all monetary transactions, including money they have borrowed from the market with ease.
Yes, with the GST, all business transactions have become transparent and easy to understand. For individuals starting from consumers, business people, retailers, wholesalers, importers, and exporters, only one form of tax needs to be paid: the GST.
Yes, with GST, it has become easier for owners of business organizations to file for taxes online. This has proved to be especially helpful for start-up owners as they no longer have to understand the intricacies of VAT, service tax, excise, and other such details when it comes to filing for tax online.
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As the cascading effect of tax has been reduced, the common man does not have to pay multiple taxes and cess. Moreover, the money collected through GST is used to fund development in the underdeveloped areas in India. Hence, the common man has benefitted from the introduction of GST.
GST is calculated at 18% of the price of the item. For example, if the goods or services are sold at Rs. 1000, then the GST is Rs. 180. Hence, the net price of the goods or services will be Rs. 1180.