2017 has been a year of Economic
Renaissance for India. The Government took various new initiatives to bring
growth, eradicate corruption and bolster Indian economy. GST and Demonetization
were two main steps in this direction. Both of them aimed to expose black money,
banish terrorism and tax-thugs and promote the concept of cashless India.
Coming to analysis part, there are certain uprights that followed GST and demonetization.
The tax returns registered an unprecedented growth of 25%. Another positive thing
that happened to India after demonetization was the emerging use of digital
wallets. It was a good move as more transparency could be spotted in the
system’s cash flow. GST on the other hand also reduced indirect and hidden
taxes bringing transparency in the goods and service domain. The main agenda
behind GST was to split the taxes between the manufacturer and the service providers
without victimizing the customers.
The government has made Digitization
a buzzword and it has gained immense popularity among the public. Online digital
wallets alone witnessed a manifold rise in registered users during this period.
Government’s initiative called BHIM, an interface for making online payments was
introduced for electronic transfers.
However, the dream of cashless
India would need more efforts and resources as the basic lots are not prone to
such technological advancements. GST has
now become an inseparable part of the Indian economy. Registering for GST is mandatory
if your business falls under the prescribed
criteria. You should seek professional guidance while registering for GST. For
further assistance in GST registration consult Legal Dost, your acquaintance
for all legal matters. Legal Dost simplifies each and every step for you, while
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