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The Goods and Service Tax Act was passed in the Indian Parliament on March 29th, 2017, which subsequently came into effect on July 1st, 2017. It was hailed as a significant tax reform for the country, replacing the pre-existing array of indirect taxes, such as excise duty, VAT, service tax, etc.The Goods and Services Tax (GST) software is the front-end IT infrastructure for Indian businesses under the tax system to file their returns, upload invoices, create challans for making payments, and conduct other taxation compliances.
The elimination of multiple tax systems.
Increase in compliance with businesses.
To reduce the prices.
Boost the country’s complete revenue.
For higher efficiency and productivity.
GST has reduced taxes on certain goods by 2% and others by 7.5%, such as smartphones and cars. GST brings uniformity in the taxation process and allows centralised registration. This gives a chance to small businesses to file their tax returns every quarter via an easy online mechanism.
