Goods and Services Tax or GST is a consumption tax that applicable to the supply of goods and services in India. It submerges all other applicable tax like customs duty fees, value-added tax, etc. into one single charge.
The Goods and Services Tax is divided into four slabs depending on the category of products. However, according to a study, many business owners refrain from paying Goods and Services Tax. Some of the reasons are given below.
The implementation of Goods and Services Tax came into effect on 1st July 2017. Many business professionals were unable to understand the process of GST, due to which they failed to make their payments.
As Goods and Services Tax submerges all other applicable taxes, individuals were unable to understand the calculation process.
Many of the business professionals did not know about GST for which they did not have their GSTIN.
Various category of products falls under different Goods and Services Tax. Individuals were unable to understand such slabs for which they failed to pay their tax.
Also, many failed to understand the GST registration procedure. The registration process is convenient and can be done online. To apply, visit the Goods and Services official portal. Register with your Aadhaar number and contact details.
