The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST). The taxation rate under each of them is different.

Benefits and Advantages GST
GST Benefits:-

• Uniformity in Taxation.
• Helping Government Revenue Find Buoyancy.
• Cascading of Taxes.
• Simpler and Lesser Number of Compliances.
• Common Procedures.
• Benefits to the Economy.
• Benefits to Industry and Trade.

Advantages of GST

• GST eliminates the cascading effect of tax.
• Higher threshold for registration.
• Composition scheme for small businesses.
• Simple and easy online procedure.
• The number of compliances is lesser.
• Defined treatment for E-commerce operators.
• Improved efficiency of logistics.
• Unorganized sector is regulated under GST.

Advantages of GST to Consumers:-

• Decrease in the price of goods & services.
• Same price around the country.
• Simplified tax system.
• Foreign investments.
• Boost in the import & export Industry.
• Transparency.
• Easy borrowing.
• Easy entry into the market.

Steps in GST Registration Process

• Step-by-step Guide explaining GST Registration Process Online
• Step 1: Go to the GST Portal.
• Step 2: Generate a TRN by Completing OTP Validation.
• Step 3: OTP Verification & TRN Generation.
• Step 4: TRN Generated.
• Step 5: Log in with TRN.
• Step 6: Submit Business Information.
• Step 7: SUBMIT PROMOTER INFORMATION.