9.1. What are the GST benefits for your business?
Free movement of goods: Business owners will be able to sell more in other states without having to worry about interstate transaction costs. With GST, the entry tax will be eliminated, which will save time and money spent.
Reduced tax cost: Businesses will benefit from reducing the tax burden and operational costs. The GST will work with Input Tax Credits thus eliminating the need for tax cascading. Business owners will be able to offset the tax paid on purchase with the tax on the supply of goods and services.
Easier to comply: Currently there are around 15 different legislatures with different definitions, tax
Cheaper products for your customers: Under the current system, from the production to the consumption of a product, there are multiple taxes that are applied without the provision of tax credits. As a result, the price of the final product is increased, causing the customer to pay more. The GST will absorb many of the current taxes into a single tax, while also providing tax credits. This will reduce the price of final products for end consumers.