After the biggest tax reform in India jolted every possible market in 2017, the ensuing ride has not been any less than a rollercoaster. While some industries have been wary of it, others have welcomed it with open arms. Whatever the case, the transformation of the country’s indirect taxation system has not been bereft of advantages for SMEs and Small Businesses: Cascading of taxes has been eliminated Since GST was designed to bring all the indirect taxes under a single umbrella, the earlier hassle of tax cascading (or tax on tax) has been eliminated. This translates to more direct savings for small businesses.
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