The introduction of the import of service under, India will be a very unusual step in the field of indirect tax reforms. By consolidating a number of Central and State taxes into a single tax, GST is expected to significantly mitigate double taxation and make taxation overall simple for the industries. For the end consumer, it will be most helpful in terms of the decline in the tax burden on goods as well as on services. GST will also make Indian products very competitive in the domestic and overseas markets. Last but not least, the administration of GST will be more comfortable due to its transparent character. After its implementation, the new taxation regime will hold great hope in terms of sustaining the ec...
The introduction of the import of service under, India will be a very unusual step in the field of indirect tax reforms. By consolidating a number of Central and State taxes into a single tax, GST is expected to significantly mitigate double taxation and make taxation overall simple for the industries. For the end consumer, it will be most helpful in terms of the decline in the tax burden on goods as well as on services. GST will also make Indian products very competitive in the domestic and overseas markets. Last but not least, the administration of GST will be more comfortable due to its transparent character. After its implementation, the new taxation regime will hold great hope in terms of sustaining the economic growth of India.
GST is to be considered as a game-changer in indirect tax reform for the Indian economy by forming a common market and decreasing the impact of taxes on the cost of GST registration. GST is expected to affect the tax structure, computation of taxes, tax payments, compliances, availing and utilizing input tax credits. GST will have a high impact on almost all the aspects of business operations in the country, such as fixing prices for goods or services, supply chain optimization, and a better tax compliance system. More info visit to lexntax.com
