2022-09-11

What are Goods and Services Tax (GST) Benefits and Requirements?

Here are a few GST Benefits and Requirements:

1. GST brings benefits to all citizens of India, government and industry,

2. It boosts the economy,

3. It makes our products and services more competitive globally,

4. GST subsumed most of central and state indirect taxes into a single tax,

5. GST mitigates the ill effects of cascading and makes Indian industries more competitive,

6. By adopting uniform tax rates, GST makes India a common national market,

7. It is mandatory to have GST registration to open current account in a bank,

8. GST is now needed to make interstate and export sales,

9. GST is now needed for sale through e-commerce operators,

10. GST is needed now to take input credit on goods purchased and services availed, and

11. GST makes product pricing more competitive and transparent.

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