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India is one of the largest economies in the world and is soon to become the largest in the not too distant future.
This is a unique success story that can be attributed to the economic liberalization of 1991.
The thing that happened in 1991 was that the economy of India was opened up to foreign investment, as well as the elimination of a great deal of bureaucracy and red tape.
It was this step that led to businesses thriving in the country and enabling the economic success story we see today.
It should be noted that these changes were but the start of a long process, which is continuing even today. There are a great many challenges to be dealt with when it comes to the process of economic growth and developing the country.
Of the many challenges that exist, one of the most important is that of the taxation system.
This is an issue that has been bothering the tax authorities as well as business owners for a very long time. One thing that had been acting as a major hindrance towards development, was that of the compliance and the overall management.
It was because there were several different taxes that had to be enforced, each of which was rather complex in structure and wording.
It was in light of this issue that there was a major overhaul of several different taxes in the country, where they were all brought under a single taxation system called GST or Goods and Services Tax. It helped to do away with the complex network of taxes that businesses had to comply with, to remain active and run their operations.
In other words, all one had to do was register for GST, in Delhi or any other state, and only take care of this single tax instead of dozens of separate taxes. This made the entire process fairly simple compared to before.
Although the GST system, be it a GST registration in Delhi or some other state, is very much in force today, and has replaced many other taxes, there is still a matter of complexity.
It was found out after implementation that the GST system was rather complex. This led to the system being rather cumbersome and a hassle to holders of any given GST no, in Delhi as well as other places. The same views have also been expressed by many tax authorities as well.
In light of this, the government declared that a simplified version of the GST filing system would be enforced, although it hasn’t materialized to a large extent. Some of the major changes that are to be expected, are given below and are accurate as per the 31st GST meeting.
Also to be added here is that many of these changes may never be brought forth. On the contrary, they may just be left as a worthwhile consideration, in favor of other changes. This is something to be remembered if one were to register for GST, in Delhi or any other Indian state.
In addition to this, other changes not mentioned here may also be brought fourth when the final step is taken to simplify the GST filing process for a given GST no, whether in Delhi and any other Indian state. A suitable GST consultant in Delhi, or whichever state you are in, can help you out in this regard.
In all, it can be said without a doubt that the new GST system, whether for a GST registration in Delhi or any other state, in India is one of the most beneficial things to have happened to the economy.
Thanks to its simplicity and the ease that it brings about, it has helped tremendously with promoting business activities in the government, as well as the larger economic growth process.
There are indeed many flaws and imperfections in the system, many of which are currently being fixed at the highest levels. This can be considered as an ongoing process but is one that will go a long way in helping India to realize the dream of becoming a developed country.