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GST was introduced on 1st July 2017; GST is an indirect tax with the aim of eliminating several indirect taxes in the country. GST stands for Goods and Services Tax that businesses in India are required to register once their turnover reaches a certain threshold. After a business has registered for GST, they can charge Input Tax Credits (ITC) for the taxes paid on business expenses. Further GST Registration also allows a business to comply with the GST rules and avoid fines and legal penalties that could have been imposed if they had failed to do so. A business that has registered for GST will be assigned a GST Unique Identification Number (GSTIN), GSTIN is a 15- digit unique identification number issued to all taxpayers (mainly dealers or suppliers of any business entity) which can be used for GST filing as well as for other compliance purposes.
Legitimacy and credibility for business
Ability to claim and collect Input Tax Credit (ITC)
Regulations for unorganized sectors
Various benefits on tax composition schemes
Eligible for government schemes and benefits
Simplified tax compilation