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Understanding GST Services: What Small Businesses Need to Know
Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. It is a comprehensive indirect tax that has replaced multiple indirect taxes like excise duty, service tax, and value-added tax. GST was introduced in India on 1st July 2017 and since then, it has been a topic of discussion among businesses, especially small businesses. In this article, we will discuss what small businesses need to know about GST services. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. GST is levied at each stage of the supply chain and…