GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, which managed to replace multiple indirect taxes, including VAT, excise duty, service taxes, etc. The implementation of this tax is in India. The collection of this tax takes place from the point of consumption. This is in contrast to collection from the point of origin like previous taxes. Furthermore, this tax’s imposition is at every step in the production process. The refund is for all the parties in the various stages of production. Also, GST includes almost all indirect taxes. Small businesses can certainly benefit significantly under GST. Furthermore, these small businesses have a turnover of Rs 20 to 75 lakh. The benefit of these small businesses takes place due to the composition scheme. Under GST, there is an option for small businesses to lower taxes. They can do so by utilizing the composition scheme.

Saket Kumar

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