12 Things About GST That You Must Know
It has been 20 days since the implementation of GST. It has impacted the price that we pay for goods that are a part of our daily lives. But how much do we really know about GST?
This infographic below will run through twelve of the most basic things you need to know about GST!
Here are these 12 facts again!
- GST takes all the transactions of return filing and payment digital making administration non-intrusive and easier
- GST is predominantly technology driven and demands very little human interactions during return filing
- It is said it will play a strong role in making it easy to do business in India
- It shall add strength to anti-profiteering policies that protect customer rights
- It is said it will reduce the impact of cascading taxes and its burden on consumers reducing the overall pricing
- GST is also set to bring numerous benefits to small tax payers based on their aggregate turnover
- GST ensures that all taxes paid receive refunds, unlike the earlier structure that was fragmented
- GST enables auto-population of monthly returns and annual return
- Enables smooth transition of existing tax payers on to the GST regime with provisions being made for current stocks and more
- One of the provisions created is the Provisional Tax Credit that enables organisations carry the tax payment on an invoice forward in case of a reconciliation is taking longer than the time allotted for refiling
- Facilitation measures also include payment of interest in a case where refund is not sanctioned in time.
- The other provision made is that of compliance rating that build peer pressure that can result in a healthy competition