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The long wait for the new Goods and Services Tax (GST) anticipated by the government of India with the 122nd constitutional amendment has finally come to reality. Geographically India constitutes twenty-nine states and seven union territories which call for a large management and the introduction of GST as unified taxation system is obviously an exciting and the whole country is looking forward to how it will turn out. The motive of GST is to bring profit to the organizations both large and small. Apart from organizations, fresh startups can also hope to face a better ahead. In the present, India hosts forty-two thousand startups and also the third leading country in the world in terms of ecosystem startups with an impressive 40% development based on yearly achievement. GST is set to provide support it in every positive way possible for the Startup Ecosystem businesses in India.
However, to be practical, despite its shortcomings and disadvantages it is safe to say that GST registration is in fact, the first taxing revolution that India will witness. It is envisioned to bring together the different organizations’ works and government taxes under one roof. Hence, even with the disadvantage foreseen for in the case of startups, GST is still the best option to go with for a clear and bright venture road.
Read our article: How to Start a Profitable Small Business in India
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