Goods & Services Taxes Impact in India
The Goods and Services Tax (GST) is one of the biggest reforms in India’s indirect tax structure post-independence.
Since its implementation on 1st July 2017, SMEs have sought clarity concerning the changes that the new four-tiered tax structure will bring into the taxation system.
Through the GSTN Educational Series, we attempt to offer clarity regarding GST and the resounding impact it will have on the Indian economy as a whole. We evaluate the far-reaching implications that this attempt at ‘One Nation, One Tax’ legislation will have on SMEs in India.
The revised rates of indirect taxes for every good and service are specified in detail along with the modifications for inbound and outbound transactions. A simple infographic illustrates how to register
under GST in four easy steps and lists the necessary documents required to be submitted by Private Limited companies, Partnerships and Individuals.
Further, we analyze the direct impact of GST on manufacturing, trading and service sectors. A feature that stands out of the new reform is undoubtedly the mechanism of Input Credit, i.e., at the time of paying tax on output, tax already paid on inputs can be reduced from the net tax value. Read our blogs to stay updated about this revolutionary indirect tax model.