Let us learn some of the GST terms that will be useful for any business, along with throwing insights on GST and its benefits.
WHAT IS GST?
Single uniform indirect tax introduced to replace Central and State indirect taxes such as VAT, CENVAT, and others
Applies on all types of businesses, small or large. This makes it one of the greatest tax reforms in the country
Applicable to both goods and services
The process of GST registration involves filling and submitting an online application in order to obtain an unique GST Identification Number (GSTIN).