Скачать или смотреть Types of GST and All about them | Lio for Business

After getting approval from Lok sabha in 2017 and Rajya sabha early in 2017, this unified tax was brought into effect from 1st July 2017.

GST is divided into various categories to ensure the smooth functioning of the taxing system and make it less complicated for the different government levels to manage their finances through taxation and plan the expenditure accordingly.

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The unified tax system ensures that there are no different taxes for different things in different places. GST means each state has the same tax rate for the same commodities. It also simplifies the tax filing process as the taxpayers do not need to keep track of different taxes and their deadlines. Instead, they can just file their indirect taxes in one go.

Since the GST is supervised and cross-checked by the centralized surveillance system and e-invoices, tax fraud can be caught easily and tax evasion can be prevented more effectively. It also helps in identifying the defaulters and taking relevant action to get the correct amount of tax as enlisted.

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