1. Greater transparency and compliance with regulations.
When goods and services are registered with the GST, it creates a transparent system for tracking and compliance with regulations. This is important for businesses that must adhere to stringent safety and environmental standards.
2. Reduced administrative costs.
The GST system reduces the administrative costs associated with registering goods and services with the government. This can be especially helpful for small businesses that may not have the resources to handle complex tax paperwork.
3. Reduced tax liability.
Since the GST system is comprehensive, it reduces the tax liability of businesses on a wide range of goods and services. This can be especially beneficial to businesses that have high tax rates.
4. Increased marketability of goods and services.
5. Increased competitiveness of businesses.