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How Has GST Evolved With Time and Its Impacts on Businesses

GST is one Act that has brought a storm in the indirect tax regime within the country. In no time, it eliminated all the Acts holding the reigns of indirect taxation in the country and became a single king of the indirect tax regime. And there have been continuous evolutions in the Act. With the fantastic changes that GST has brought in the form of GST registration online, online return filing, online payments, this Act has done everything to ease out the things for the taxpayers and has had significant impacts on the businesses. Let us see how has this Act contributed to growth and development. But before that, let us also get a brief idea of what is the GST Act.

What is the GST Act?

GST Act is a new indirect tax regime in the country that shall govern the supply and provision of services and goods by the taxpayers. The law aimed to bring the diverse and distributed things within the indirect tax regime in one single umbrella. And in this attempt, the complete indirect tax regime was repealed to introduce this new, better, and simple one.

The Act has brought incredible changes with it, and these changes are what have evolved the Act.

Changes under the GST Act

The first and major change that the Act came with was a single uniform rate of taxation all through the country. Earlier where there were so many taxes, GST came, repealed all, and announced its uniform slab rates. Besides this, there have been continuous evolutions.

GST website

This was a significant step in leveraging the technology for the better. The law came up with its own website. This website lists everything that you need to know about GST. From the complete law to the latest amendments and news, you can find it all on this website. This has significantly helped the people in solving their queries and problems regarding the Act and keeping themselves updated with each and everything.

Online Portal

This was a major step in the evolution of the Goods and Services Act. The Act took its inclination towards digital India and evolved emergently with the introduction of online facilities for each and everything. This online portal is what offers the online facilities. Now you can easily create your user account, and every time you need to take a GST registration or download its certificate or make a payment or file a return, all you shall have to do is log in to this portal with your user ID and password.

The online portal will do it all and what more is it has exceptional ease of use. The user interface of the portal is so designed that even the most non-technical of persons can also use it without facing a single issue or difficulty.

These are the two major evolutions under the GST Act, and this has led to significant advantages for the businesses. Here is what they are.

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Advantages of GST

Reduced Corruption

As GST has evolved, the problem of corruption has resolved. The law has stricter compliances and mechanisms that can track any corruption, any use of unfair means in no time at all. So, it is not easy for taxpayers to indulge in corruption now.

Moreover, the fantastic advantages that the Act has come with, which automatically prevents the people from resorting to unfair means. The unfair means come into play only when there is something unfair being done to the people. Since GST has been an extremely fair Act, reducing the major burden of taxation on the people and easing the things for them, the people are happy with the Act, and they even do not have a reason to resort to corruptive means.

No Double Taxation

In the earlier regime, the multiplicity of taxes led to the problems of double taxation. The taxpayers found themselves, paying the sales tax on a particular product and then subsequently paying VAT as well. This was unfair and burdened the taxpayers to a significant extent. The burden was termed as a cascading effect of taxation.

GST has eliminated this cascading effect. Now there is one single Act, one uniform rate list, and this is all that shall be levied. So, without two or more different things in play, the scope of double taxation is completely outrooted. This has remarkably reduced the burden on the taxpayers and made the taxation laws easier for them.

Promotion of Digital India

This is the major evolution under the GST Act and the major benefit too. The technology has excellent leverage for people, and GST has not failed in making the best use of it. With the online GST portal and the GST website, the Act has dramatically promoted digital India. Things have become very easy for people with online registrations and payments and return filings.

Digital India is a great step in bringing the world one step closer to future advancements and developments. And this can be seen significantly under the GST Act with all the exceptional ease that it has provided the taxpayer with. This step has even led to the advancement of the Indian economy to a significant extent.

Conclusion

GST is a fantastic Act that has dramatically evolved over time. With its evolution, the Act has had a very positive impact on the businesses. Yes, there are some lacunae, but they need not have a mention because the benefits have far outgrown them. The Act has significantly evolved, and it is still evolving.

The online portal offering GST registrations online, payments online, filings online, all of this have been a step ahead in the success of the GST Act. The ease that they have brought with them is something noteworthy. Moreover, the GST website, that is another remarkable step. It has brought everything at the hands of the people. Anything they want to know about GST, they only have to access the website, and there they shall have all their queries solved. So, the Act is a great one, and the evolutions have been better, and they are moving towards being the best.

Written by Marcus Richards

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