Top 5 Features of Goods and Services Tax (GST) in India
One Nation, One Tax
GST replaced multiple indirect taxes at the central and state levels, unifying them into a single tax system across the country
Simplified Tax Structure
GST simplified the tax structure by categorizing goods and services into different tax slabs reducing complexity
Input Tax Credit
Businesses can claim Input Tax Credit (ITC) for taxes paid on inputs, reducing the overall tax liability and promoting seamless flow of credits
Threshold Exemption
Small businesses with an annual turnover below a specified threshold are exempted from GST registration
Online Filing and Payment
GST introduced a robust online portal for taxpayers to file returns, make payments, and manage compliance requirements
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