HomeGST NewsDo Things Change After New Tax Regimes? Let's Take A Deep Dive

Do Things Change After New Tax Regimes? Let’s Take A Deep Dive

With the step taken by Narendra Modi of demonetization and GST, the people are still baffling with the idea. The big step of GST was taken to unify the tax laws under one structure. A bunch of questions strike into the mind and confuses the taxpayers. But, the truth is the changes have occurred for the best.

Goodbye to the hidden taxes
Obviously, anyone can get anxious on hearing an apparent increase in the tax rates. People got confused that there would be an increase in the prices. But, nothing happened like that. Instead, the hidden taxes are dissolved and the invoices are handed over to the buyer. With the introduction of GST, now people are assured of the commodities split in-between state and center.

Keep an eye on price rise
As per the previous tax structure, the producers were liable to pay taxes at each stage till the final one. At this moment, the scenario has changed. There is no extra tax levied on different commodities. Thus, there are no chances of increase in price. Under the new law, the customers have to pay only the final amount. This encourages the people to pay the tax unlike before.

Go Digital
Yes, traders nowadays are going digital to practice their business. As the tax return filing has gone digital, the traders also wanted to get updated with the technology. If you also want to create the invoice digitally, your IT systems are needed to be changed in order to accommodate the changes occurred by GST.

The 6-month-old tax regime is applicable to the goods and services. Apart from this, there are many procedural changes need to be done in order to ensure high compliance. These kinds of amendments are really needed time-to-time to make the working smooth and the business gets updated with the latest trends. In GST, it is very important that the invoice should be done at the place where the services are entitled. It is important while running a business to analyze the procurement of services and modify the way of working with the service providers. As a trader, you must train our employees and make them ready for the changes.

Removal of check posts
There are no further requirements of border check post after the implementation of GST. You can’t see the long-lined trucks standing at the state borders. There are no more toll booths to cross and the trucks can easily transport the materials from one state to another. By doing this, there is no more delay in delivering the goods and the process becomes so smooth. With the introduction of E-bill, the process will become as smooth as butter.

Price of essential commodities is changed
Luxury cars and motorcycle having the engine more than 350 cc have seen an increase along with the gold. But, this does not affect the popularity of GST among the Indian citizens. People are happy with the decision and welcome it with full arms. No doubt, GST was the biggest decision but proven to be beneficial for us.

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