Goods%20and%20Services%20Tax%20was%20introduced%20on%201st%20July%202017%20as%20a%20significant%20step%20for%20reforming%20indirect%20taxes.%20%3Ca%20target%3D%22_blank%22%20rel%3D%22noopener%20noreferrer%22%20href%3D%22https%3A//opoyi.com/bharat-bandh-tomorrow-here-are-services-that-may-be-affected%22%3EGST%3C/a%3E%20aimed%20to%20combine%20all%20the%20central%20and%20state%20taxes%20into%20a%20single%20tax%20to%20solve%20the%20problem%20of%20double%20taxation.%20The%20motto%20of%20GST%20had%20been%2C%27%20One%20Nation%2C%20One%20Tax%2C%20One%20Market%27.
%3Cstrong%3EAlso%20Read%3A%3C/strong%3E%20%3Ca%20target%3D%22_blank%22%20rel%3D%22noopener%20noreferrer%22%20href%3D%22https%3A//opoyi.com/what-is-gst-in-protest-of-which-traders-are-organising-bharat-bandh-tomorrow%22%3E%3Cstrong%3EAll%20about%20GST%2C%20the%20tax%20regime%20against%20which%20traders%20have%20called%20a%20Bharat%20bandh%20on%20Friday%3C/strong%3E%3C/a%3E
Here%20are%20some%20of%20the%20key%20highlights%20one%20can%20talk%20about%20GST%20after%20so%20many%20years%20of%20its%20implementation%3A-
1.%20GST%20helped%20in%20the%20elimination%20of%20cascading%20tax%20effect%20or%20what%20is%20popularly%20known%20as%20the%20tax%20on%20tax%20effect.
2.%20There%20has%20been%20an%20increase%20in%20the%20minimum%20threshold%20for%20registration%20done%20by%20the%20businesses.%20Earlier%20all%20businesses%20with%20a%20turnover%20of%20rupees%205%20lakh%20%28varying%20from%20state%20to%20state%29%20were%20obliged%20to%20pay%20VAT.%20However%2C%20under%20GST%20the%20limit%20had%20been%20increased%20to%20rupees%2020lakhs.
3.%20Considering%20the%20nature%20of%20the%20digital%20world%2C%20the%20entire%20process%20of%20GST%20was%20made%20online%20so%20that%20there%u2019s%20no%20running%20from%20here%20and%20there%20in%20order%20to%20get%20different%20registrations%20as%20VAT%2C%20excise%20and%20service%20tax.
4.%20Talking%20about%20the%20unorganized%20sector%2C%20specifically%20industries%20like%20construction%20and%20textile%20were%20not%20regulated%20properly.%20However%2C%20under%20GST%20there%20are%20specific%20provisions%20for%20digital%20compliance%20and%20payment.%20This%20has%20brought%20accountability%20and%20transparency%20to%20these%20industries.
5.%20Earlier%20in%20order%20to%20avoid%20state%20taxes%20and%20Central%20Sales%20Tax%20%28CST%29%2C%20the%20Indian%20logistics%20used%20o%20maintain%20multiple%20warehouses%20and%20they%20had%20to%20work%20below%20their%20capacity.%20With%20GST%2C%20restrictions%20on%20inter-state%20movements%20have%20been%20reduced%20and%20now%20they%20are%20free%20from%20the%20unwarranted%20logistic%20expenses%20as%20well.
%3Cstrong%3EAlso%20Read%3A%3C/strong%3E%20%3Ca%20target%3D%22_blank%22%20rel%3D%22noopener%20noreferrer%22%20href%3D%22https%3A//opoyi.com/traders-transporters-to-observe-one-day-bharat-bandh-against-gst-system-fuel-price-rise-tomorrow%22%3E%3Cstrong%3ETraders%2C%20transporters%20to%20observe%20one-day%20bharat%20bandh%20against%20GST%20system%2C%20fuel%20price%20rise%20tomorrow%3C/strong%3E%3C/a%3E
Consumers%20are%20now%20more%20aware%20of%20the%20taxes%20that%20they%20are%20paying.%20All%20types%20of%20firms%20from%20the%20public%2C%20private%2C%20formal%20and%20informal%20sector%20all%20have%20been%20covered%20under%20the%20GST%20regime.
%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23GST%22%20data-user-id%3D%22dBpvncc0ghAz%22%20href%3D%22/topic/gst%22%3E%23GST%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23Economy%22%20data-user-id%3D%225VhOB45vqxj9%22%20href%3D%22/topic/economy%22%3E%23Economy%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23Taxpayers%22%20data-user-id%3D%225JyWiyrjVOEs%22%20href%3D%22/topic/tax-payers%22%3E%23Taxpayers%3C/a%3E%26nbsp%3B
