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Volume & Issue no: Volume 6, Issue 6, June 2017


GST – Benefits & Drawbacks for Startups and Small Businesses in India
Author Name:
Shri Ashimava Praharaj
Abstract GST means Goods and Service Tax. Goods and Service Tax is a complete tax imposed on manufacture, sale and utilization of supplies and services. It is mostly a substitute of all indirect taxes which forced on supplies and services by the Central and State government of India. Goods and Services Tax would be levied and collected at each phase of sale or purchase of goods or services based on the input tax credit process. The main objective of GST is One Nation, One Tax and One Market. Integration of several Central and State taxes into a single tax would moderate pouring or dual taxation, facilitating a universal national market. It is such type of tax till the ultimate consumers will improve competitiveness of original goods and services in the market which directly impact on GDP growth of the country. The major benefit of GST is that it wills distinctive tax elusion. With the execution of GST in India, the procedure for GST registration would be centralized and uniformed similar to service tax registration. The procedure for obtaining GST registration would be uniformed, thereby improving the easiness of starting a new startup & small business in India. The main impact of GST on Startups & tiny businesses in India is that, once GST is implemented in India, businesses with revenue of less than Rs.10 lakhs per annum would not have to index for GST nor collect GST. Further rising of invoices will be easier for businesses as one rate would be approved for all supplies and services. But key weakness of GST rule for businessmen of startups & small businesses are filling of tax return and control of business. Keywords: GST, GDP, Service Tax, Input Tax, Indirect Tax, Goods
Cite this article:
Shri Ashimava Praharaj , " GST – Benefits & Drawbacks for Startups and Small Businesses in India" , International Journal of Application or Innovation in Engineering & Management (IJAIEM) , Volume 6, Issue 6, June 2017 , pp. 157-162 , ISSN 2319 - 4847.
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