Softax Consultancy  is one of the best GST Consultant in Chhattisgarh. Our team at the firm delivers comprehensive services in the area of GST. These include providing services related to GST registrations and return filings, GST assessments, GST Advisory and Tax Compliances, Due Diligence and litigation services. In litigation, our team represents before Tax Authorities on behalf of clients. Our team has a rich experience in representing clients both in the previous indirect tax regime and new GST regime.
 
Introduction of GST
 
Amidst economic crisis across the globe, India has feigned a signal of strength with aggressive growth targets, supported by a bunch of strategic moves like Digital India and Make in India initiatives. Bringing the Goods and Services Tax (GST) into picture is another such move that is expected to give the much-needed momentum for economic growth in India by transforming the existing indirect taxation towards the seamless flow of goods and services tax. GST is introduced to eliminate the cascading effect of taxes. India can play an essential role in the world economy in the years to come. The expectation with GST reforms is very high not only within the country but also within neighbouring countries and developed economies of the world.
 
GST is a consolidation of a myriad of different indirect taxes levied by the Centre and state government into a universal tax. The GST has eradicated the complexities involved with charging various taxes. GST came into existence from 1st July 2017 with the objective of “One Nation One Tax” which needs businesses to file monthly quarterly and annual returns. The registered persons with a yearly turnover of more than two crores are also required to file an audit report.
 
Benefits of GST
 

• Subsumed bunch of indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise
• Lesser tax compliances and a simplified tax policy compared to the previous tax regime
• Elimination of the cascading effect of taxes, i.e. removal of tax on tax
• Reduction of manufacturing costs due to less burden of taxes on the manufactu0rers, thereby fall in prices of consumer goods.
• Lowering the tax burden on the common man, i.e. public will have to spend less money to obtain the same products that were expensive earlier.
• Increase in demand and consumption of goods
• Increased demand will lead to an increase in supply. Hence, this will ultimately lead to a rise in the production of goods.
• Control of bogus transactions through a more transparent mechanism under new regime to curb black money circulation typically followed by traders and shopkeepers
• Boosting and advancing of the Indian economy in the long run

 
These benefits are possible only if the exact benefit of GST is passed on to the ultimate consumer. There are numerous other factors too, such as seller’s profit markup, that determines the final price of goods. GST alone does not conclude the final price of goods.
 
Impact of GST on Indian Economy
 

• Decreases tax burden on producers and fosters growth through increased productions. The existing taxation structure, drawn with multiple tax clauses, prevents manufacturers from producing to their optimum capacity and impedes growth. GST will solve these difficulties by allowing tax credits to the producers.
• Several tax restrictions, like toll plazas and check posts, lead to wastage of unpreserved things being transported. This penalty converts into high costs due to the higher needs of buffer stock and warehousing costs. A single and easy taxation system will excrete this roadblock.
• The system will be more transparent now that will allow customers to know precisely the taxes to be paid and on what base.
• GST will contribute and make additions to the government revenues by extending the tax base.
• GST will provide input tax credits for the taxes paid by producers on purchase of goods or services. It is supposed to inspire producers to buy raw material from GST registered persons and is expected to bring more and more vendors and suppliers under the purview of GST.
• GST will remove the custom duties applicable to exports. India's competitiveness in overseas markets will increase on account of lesser costs of the transaction.

A Brighter Economy
 
The introduction of the Goods and Service Tax in India will be a very unusual step in the field of indirect tax reforms. By consolidating a number of Central and State taxes into a single tax, GST is expected to significantly mitigate double taxation and make taxation overall simple for the industries. For the end consumer, it will be most helpful in terms of the decline in the tax burden on goods as well as on services. GST will also make Indian products very competitive in the domestic and overseas markets. Last but not least, the administration of GST will be more comfortable due to its transparent character. After its implementation, the new taxation regime will hold great hope in terms of sustaining economic growth of India.
 
GST is to be considered as a game-changer in indirect tax reform for the Indian economy by forming a common market and decreasing the impact of taxes on the cost of goods and services. GST is expected to affect the tax structure, computation of taxes, tax payments, compliances, availing and utilizing input tax credits. GST will have a high impact on almost all the aspects of business operations in the country, such as fixing price for goods or services, supply chain optimization and better tax compliance system.