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Aditya Arora
•
Faad Network • 21d
Why are the latest GST reforms being rightly called the Next Gen GST reforms for Startups and MSMEs? Here's why. ⬇️ In 2017, the government rolled multiple taxes (excise, VAT, service tax, entry tax, etc.) on differentiated products into "One Nation, One Tax." GST was born, but the problem remained unsolved. 🤔 Multiple states levied their own taxes, compliance was still a burden, and we had the draconian cascading effect (tax on tax). But now the game changes. 👇🏻 With simplified GST slabs of 5%, 18%, and 40%, and a record ₹22.08 lakh crore collected in 2024–25 (a 9.4% year-on-year increase), India is primed for unprecedented startup expansion. 🙌 Startups and MSMEs get a boost in terms of a) automatic registration within three weeks, b) Inverted duty fixation, and c) Faster refunds and liquidity. ✅ Compliance and paperwork get limited, working capital gets relaxed, and startups can finally (finally) breathe the fresh air. 😅 Agritech companies receive a lower GST on tractors, while healthtech companies are exempt from GST on medical devices and insurance. ⛑️ Additionally, renewables get taxed at just 5% on solar and wind energy equipment. 💨 No wonder the GST taxpayer base has grown from 66.5 lakh entities in 2017 to 1.51 crore by 2025. Viksit Bharat is the new MOTTO. 🇮🇳 hashtag#NextGenGST
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