Growth Opportunities of Goods and Services Tax on Small Businesses
Rolled out as one of the biggest tax reforms introduced in the country, GST has subsumed many prevalent indirect taxes such as VAT, excise, service tax, etc. GST has significantly reduced the tax burden of approximately 60% of small business dealers and traders.
Another important aspect to consider for SMEs is the GST login, where business owners can file GST returns, seek GST registration, etc. Individuals are required to log in to the portal, where they can leverage different tax-related services conveniently. Hence, to understand the overall effect of GST on small business owners can look at the growth opportunities after the introduction of GST.
Positive impacts of GST on small businesses
Understanding GST and the importance of GST login procedures are crucial for entrepreneurs. They have an additional burden of tax filling before deadline, comprehending tax credits, payment procedures etc., to successfully run the business.
Let’s take a look at the advantages of GST implementation on small businesses:
Starting a new business gets easier
As per the old tax regime, if your business is operated in multiple states, you must register for VAT with every state’s sales tax department to perform business activities there. Since every state has different tax rules, business owners had to pay procedural fees for VAT registration.
With the implementation of GST, the registration process is made centralized, and the rules are uniform for all states across the country. All you have to do is log in to the GST portal and essentially register your new business. You can also file GST return later.
Taxation becomes simpler
As already mentioned, one of the primary reasons for implementing GST is to remove the prevalent indirect taxes and bring forth a unified taxation system across the country. The different taxes paid by the business owners will be combined into one tax.
If one has spent a substantial portion in managing multiple taxes will now pay a single tax conveniently through the GSTN portal. Business owners need to know how to register for GST online to ensure a hassle-free tax payment.
Reduced logistics cost
Businesses that are transporting goods to different states face difficulties in paperwork and paying entry taxes at the inter-state borders that significantly delay the delivery of goods.
But with the implementation of GST, the current Central Sales tax will be replaced with a unified tax system known as IGST, comprised of SGST and CGST. Under this new system, logistics costs will be reduced, increasing inter-state business and ensuring faster movement of goods.
Eliminates differences between goods and services
Under the old tax regime, businesses that provided both goods and services had to pay VAT and service tax separately. Since GST replaced indirect taxes, there will be no individual taxes for goods and services, and there will be one single tax. This will allow SMEs to avail of tax incentives, irrespective of their sectors.
Thus, entrepreneurs or young business owners need to know about GST login and know everything related to tax filling, payment and registration.
Moreover, individuals willing to avail business loan to start their business must know everything about this login portal and register their business to avoid legal hassles in future. Eligible business owners can avail of sizeable loan amount at market-best interest rates and better repayment terms.
Further, they can also avail exclusive pre-approved offers on a wide range of financial products such as personal loans, business loans, credit cards etc. These offers significantly reduce the hassle of documentation and accelerate borrowing procedures. Existing borrowers can check their pre-approved offers online by submitting their essential credentials.
Thus, the implementation of GST has released the tax burden of individuals and business owners. Individuals need to know GST login procedure to register their business to GST and perform necessary tax-related activities through an online portal.