GST will bring the much awaited one nation one tax regime in India. GST get aims to simplify the tax regime by reducing the multiplicity of taxes. This is likely to benefit startup as they work with limited capital and therefore cannot often afford to have dedicated resources to look after various tax compliances. GST will make it easy for start up to do taxpayer registration, return submission, tax payments, and claim refunds online. These will be beneficial for all startups irrespective of sectors.
Prior to GST in order to initiate business activity a startup had to take multiple registrations including service tax registration, VAT registration among others. Business expansion will become seamless as GST will enable entrepreneurs to get just one license for their company and then do business in many states.
Startup Legal Advisor, Ms. Roma Priya, Founder