The current state indirect tax regime has provided a simpler compliance for small dealers known as the Composition Scheme.
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A revised version of the draft model Goods and Services Tax (GST) Act1, Integrated GST Act2 and Goods and Services Tax (Compensation to the States for loss of revenue) Bill3 has been issued by the Government of India.
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1) What’s the benefit of registering a business under GST?
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Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also. Service sector does not only dominate the GDP contribution but attracts the foreign investment towards the Indian Economy. Service Sector contributes significantly in export as well as provide a large scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.
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