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Month: August 2022

Learn about the GST Compliance Requirements and Penalties under India’s GST Regime

Learn about the GST Compliance Requirements and Penalties under India’s GST Regime

Business
GST, which stands for Goods and Services Tax, was levied in India on 1st July 2017. This has made the whole tax system a lot less complicated for the people. In case you are new to all this GST terminology, you have come to the right place. Read on to learn about the GST Compliance requirements and penalties under India’s GST Regime. GST has proven to be a win-win situation for the whole country. Its benefits are enjoyed by all, including the government, the industry, and the consumers. This tax gives a boost to the country's economy. What is the aim of GST? The main aim of GST is to make India a place that has common tax rates. This will pave the way for an independent and integrated economy at a national level. By permitting a set-off of different prior-stage taxes for vario...