Back
Aditya Arora
ย โขย
Faad Networkย โขย 7h
Why are the latest GST reforms being rightly called the Next Gen GST reforms for Startups and MSMEs? Here's why. โฌ๏ธ 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. ๐ค 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. ๐๐ป With simplified GST slabs of 5%, 18%, and 40%, and a record โน22.08 lakh crore collected in 2024โ25 (a 9.4% year-on-year increase), India is primed for unprecedented startup expansion. ๐ 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. โ Compliance and paperwork get limited, working capital gets relaxed, and startups can finally (finally) breathe the fresh air. ๐ Agritech companies receive a lower GST on tractors, while healthtech companies are exempt from GST on medical devices and insurance. โ๏ธ Additionally, renewables get taxed at just 5% on solar and wind energy equipment. ๐จ 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. ๐ฎ๐ณ hashtag#NextGenGST
More like this
Recommendations from Medial
Ashutosh Mishra
Chartered Accountantย โขย 1y
GST Thread 2 What GST brings along with it - 1. Value added tax and no cascading of taxes - GST is only on the value added by the manufacturer and being a value added tax at each stage it avoids double taxation Example - If I purchase plastic fr
See More
Rishabh Jain
Start loving figures...ย โขย 7m
Is India Taxing Too Much Fun? (POPCORN TAX) Indiaโs tax system has gone global thanks to the popcorn taxation buzz. While weโve made strides with reforms like GST and corporate tax cuts, quirky rules and compliance hurdles can sometimes leave foreig
See More
CA Saloni Jaroli
Grow & Glowย โขย 6m
Smart Tax Planning = More Savings & Zero Stress! Are you overpaying taxes or struggling with compliance? Many high-income individuals and large businesses miss out on legal tax-saving opportunities and end up paying more than necessary. At Saloni J
See More
Anonymous
Hey I am on Medialย โขย 7m
One Tax Policy: A New Era of Taxation in India? What if income tax was the only tax you had to pay? A system where individuals pay a fixed percentage of their income as tax, and in return, they are exempt from all indirect taxes like GST and service
See More
ANURAG
Revolutionizing and ...ย โขย 5m
Coming Soon: Taxellence AI Weโre building something powerful to simplify tax compliance for individuals and MSMEs across India. Stay tuned as we bring smart, accessible, and AI-powered tax solutions to life! #ComingSoon #TaxellenceAI #AIforTaxes #
See More
Saurabh Mishra
Building a tech gian...ย โขย 2m
๐ Now offering complete Tax, Compliance & Bookkeeping Services for Startups, Freelancers & Small Businesses! โ Income Tax Return (ITR) Filing โ GST Registration & Returns โ ROC/MCA Compliance โ Bookkeeping & Monthly Accounting โ MSME, Startup India
See More
AFFORDABLE TREND
The business should ...ย โขย 9m
Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B November 30, 2024, is the last date to claim any pending input tax credit (ITC) or amend any errors or omissions in compliance with the Goods
See More
Download the medial app to read full posts, comements and news.