Learn About The GST Benefits Through GST Consulting Team

Learning about the GST facts is not that simple as it seems. Thanks to GST Consulting team, you can get help with anything from GST notices to audit, GST composition, GST compliance and even GST returns and registration. Once you have professionals by your side, you need not have to worry about the legal proceedings. However, it is mandatory to understand the benefits that GST holds, before you can precede further with this statement. So, let’s begin the research!

  • GST helps in eliminating the tax’s cascading effects:

GST is noted as a comprehensive indirect tax. It was mainly designed for bringing the indirect taxation under one platform. It is likely to eliminate the cascading effect of the tax, which was evident earlier. Cascading the tax effects can be targeted as “tax on tax.”

  • Higher threshold available for registration:

Previously, within the VAT structure, any business with turnover of over 5 lakhs rupees was always liable to pay VAT. Remember that the limit differed based on the state you are in. Furthermore, the service tax was highly exempted for the services providers, who used to enjoy a turnover less than 10-lakhs rupees.

Under the GST routine, the threshold has increased to 20 lakhs rupees. It exempts multiple smaller traders and the service providers down the list.

  • The composite scheme for the smaller businesses:

You will learn the GST benefits from the house of GST Consultant in Hyderabad for sure. Being associated with this field for a long time, they know the right steps to take. Under the GST sector, smaller businesses, with a turnover of around 20 to 75 lakhs rupees, can easily get benefitted from it.

GST gives an option to lower the taxes by working on the Composition Scheme. This move has actually brought down the current tax and the compliance burden on some of the smaller businesses out there.

  • Easy and simple online procedure to follow:

The entire process of GST, starting from the registration to the final filing returns, all are made online. The steps are rather simple to follow and have been highly effective for the start-ups. This process is mostly beneficial for those smaller firms because they do not have to run from one office to another to get different registrations done like excise, VAT or even service tax.

Searching the online firm will let you come across consulting agency, ready to help you with GST Return Filing and all the other procedures. The best part is that you don’t have to pay them a lot for their services. The team uses software to help with the form filling services and more. You don’t have to wait for long to get an answer.

  • Compliance number is quite less:

Previously, the service tax and VAT used to have their own returns and compliances. However, under the new GST norm, there will be unified return for all of them. So, the number of returns that you need to file has come down. There are likely around 11 returns under GST. Among the lot, 4 are basic returns.

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