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The journey of GST started way back in 2000, when the Atal Bihari Vajpayee government first thought of exploring the avenues of GST in the country. 14 years later, the potential GST Bill benefits were brought up for discussion once again, ultimately leading to GST becoming the law of the land by the President’s assent on 8th September, 2016.
While every change has its pros and cons, GST is no different. However, it is expected that one will be able to see significant GST benefits for the common man, as well as for the business community, in the long run.
However, as we have embraced GST on 1st July, some of the immediate GST advantages are as follows:
Apart from the obvious benefits of GST - elimination of cascading effect, simplified compliance, technological backing and uniform process across India – one of the major GST bill benefits is bound to be the ease of doing business. However, the success of a business will significantly depend on the ability to understand this change and bring about the relevant changes in the business processes to keep growing as well as stay compliant. That will truly ensure ample benefits of GST to consumers as well as businesses, which in turn will take the nation forward.
Payment Declaration Form – GST PMT – 08: Definition, Format and Rules