The entire GST process is completed online and straightforward, from registration to filing returns. This has been advantageous for start-ups in particular because it saves them from going from one registration to the next for things like VAT, excise, and service tax. The GST has integrated the Indian market by bringing together several indirect taxes under a single guise
Historically, many sectors of industries were largely uncontrolled and unregulated. There are provisions for online payments and compliances under GST. Thus, consideration of these sectors’ obligations and regulations is made.
ITC Input Tax credit
Input tax credit helps the producers and service providers to lower the tax they have already paid on their goods by the amount of the output taxes once they have been paid. Manufacturers or service providers will likely reduce their overall tax burden, and lower pricing encourages increased consumption.
Transportation Cost low
The introduction of GST will result in fewer border inspections, drastically reducing travel time. Now that interstate shipping of commodities is more straightforward, transportation and logistics costs are decreasing. The need for business loans has significantly expanded with the implementation of GST, which has given start-ups and small enterprises more time to develop their operations and look into new prospects.
Market recognition will increase as you can do business with everyone, Registered persons and Government avoid doing business with un registered Dealers because they can’t claim ITC.