The Goods and Services Tax (GST), hailed as one of the major tax changes in the nation, replaces a number of indirect taxes levied by the Center and States such as excise, VAT, and service tax. It is assessed on all domestic sales of goods and services. The statesmanship exhibited by the members of GST Council is unquestionably a hit. 2. Technological Support for GST Law Structure: We may anticipate more GST services being digitalized in the upcoming months as the new GST system is supported by robust technology. GST: A boon for small and medium-sized businesses MSMEs now rely less on tax specialists than they did under the previous system because of the system's streamlined return filing requirements. It was a sensible choice to rationalize the composition scheme and introduce a quarterly reporting option for taxpayers with annual revenue below Rs 1.5 crores.
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