The GST tax system of India has come into force on the 1st July of the year 2017. Since then the business owners have to return filing under GST system. GST stands for Goods and Service Tax. This tax has helped many people; it has made life much easier for the common businessmen (who just have started with their business).
GST is one indirect tax present in India today; this will turn our country into one unified common market. It is one single tax structure which is on the supply of services and goods, right from the producers, to manufacturers to common people (as in the consumers). This tax system is very transparent. You get to know how much to pay at what point of time and filing GST is an easy task. Hence the final consumer who is going to purchase the good or the service has to bear the GST charge.
There are many taxes prevailing in our country. It really becomes difficult to pay so many taxes at one time. Firstly it is costly and secondly, people get confused about which one to pay at that time. But this is not the case with the GST system. There is GST monthly returns which every one of us is aware of and people really appreciate it because it has many advantages. The GST council is continuously working with the financial department to make things cheaper for everyone. They do think but the common people so they are trying to make all products low in price.
People those who need to pay taxes then know about the GST monthly return very well. It is also available on the internet. They just need to log into the site and get the details about it. In fact the registered website sent reminders through messages or emails about the day to pay the tax. GST is the best tax reform present in India since Independence.
GST has many advantages which most of us are unaware of. In the future also it will give us many more benefits. Since the time GST has started working very business owner is happy about it because they have to pay one tax only. People call it as one tax for one country. The calculation of this tax is very easy. The ministers are seeing that the small-scale industries are running very well with GST.
There are actually 2 components in a GST- central GST (CGST) and the state GST (SGST). Both the state government and the central government work together under it. Taxes are levied on every supply of goods and services. There are no products in the market which is tax-free. Any state in India will levy all transactions under it. But remember one thing you have to pay the tax only once at the time of final purchase. Previously this was not the system; just the opposite process would prevail. To make your country stay in a better place financially, please pay your taxes on time.