Considering the simple system of tax payment, the government brought the GST into effect last year. It is expected to help the businesses as they do not have to go for various taxes and get them registered under various heads. This also will encourage them to pay tax timely and hence the overall health the of the economy can be improved. The vision for the implementation of this tax is doubtlessly great but due to quick implementation there are many businesses that have got a little confused, and the authorities are trying to help them out.
For a standard business the GST accounting is much simpler, and with the help of proper understanding, one can go for it easily. The foremost step one needs to take is the registration. There is also the provision of transfer of registration, and hence those who had applied for VAT in the past are directly allotted the GST number. The GST number is valid across the country, and one does not need any separate registration if GST number is there.
The filing of tax:
As per the government, the GST return filing procedure is also simpler than any tax payment system before. As per the system, there are various links provided for different types of business. The business operators need to fill the required details on the concerned page, and once all the details are filled, one can submit the same. At the stage of the submission of the page, the amount is generated, and one needs to click on the link for payment. Once the link for payment is clicked, the user is driven to the payment gateway where one can make the payment of the tax with the help of net Nanking as well as other sources. Hence the payment system is simplified to encourage the taxpayers.
The system of GST is far better than a system that was there in the past. Here one can fill in the details online as per the record and submit the same to the concerned authority so that the tax is validated and one can feel free from the hassles of tax payment also. From the government or authority point of view also it is important as it can encourage the business people and pay the required tax timely so that the government can have required amount easily available for various works for the public. From the economic point of view also this tax payment system is better compared to the previous one as one can easily have the registration and can make the payment online also. Hence there are no rounds of offices and banks for the registration as well as payment which can help one save time and efforts. The government also gets the payment of tax more than the previous system. However, there are also products which were previously not taxed, but now they fall under the tax and hence there is disappointment among people as well as the users and concerned people in the industry.