Considering the Popularity of India’s Game-Changing Tax revolution, GST, do you ever ask yourself why and how it caused such a significant shift in our indirect tax regime? Well, this is exactly what we’ll explain in this video so that by the end of it, you’ll understand how GST simplifies tax laws, reduces tax burden, and encourages tax compliance by taxpayers in India. What is Goods & Services Tax (GST)? Until 2017, Indian businesses faced multiple indirect taxes on the sale of goods and services, imposed by both central and state governments. This system had major drawbacks like increased tax burden, frequent compliance requirements, the potential for tax evasion, and most importantly, the lack of any tax credit options. It was extremely complicated, outdated, and restrictive of free trade across state borders. India was in dire need of a tax regime that could overcome all these flaws and make things more convenient as well as cost-effective for businesses to focus on their financial growth. GST or Goods and Services Tax, was introduced in this very context, to bring India under the “One Nation, One Tax” regime. Benefits of GST: GST registration offers numerous advantages to taxpayers. From enabling them to claim input tax credits on the same items taxed at multiple levels in the supply chain, to facilitating interstate commerce with uniform tax rates and compliance requirements, the changes brought by GST have been enormous and equally impactful. Here are a few key advantages of GST: 1, Seamless Input Tax Credit 2. Facilitation of Interstate Commerce 3. Legal Recognition & Compliance 4. Access to Online GST Portal 5. Reduced Tax Evasion

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