A Comprehensive Guide to GST Registration
A Goods and Services Tax is a tax on consumption that is imposed upon the sales of items and services at every stage that involves distribution and production. It is also known as a Value added tax in certain countries. GST is an amount of tax that is to be paid by the end user of the products or services. Taxes on services and goods is not to be confused with General Sales Tax, or Federal Sales Tax - even though they share the same term GST! What is the reason for GST in the world? Implementing GST has been a success. Goods and Services Tax has been beneficial to many countries around the world. In comparison to other types of sales and consumption tax systems, GST is said to simplify tax administration as well as increase revenue collection and cut production costs, which benefits both producers and consumers. It encourages the compliance of taxpayers and increases transparency. It encourages economic growth, decreases tax evasion, and helps facilitate trade by harmonizing tax struct...