CURRENT AFFAIRS

Detailed explanation-1: -Airtel launches GST Advantage for Small Businesses.

Detailed explanation-2: -ClearTax is the first company in India to have launched a ready-to-use GST software called Cleartax GST software. The software is currently available for free for SMEs, helping them transition to GST smoothly. It has truly eased the pain of the people in so many ways.

Detailed explanation-3: -Increased threshold limits for new businesses 5 lakh in some states and Rs. 10 lakh in other states) are supposed to register and make payments for VAT. Under GST, this burden is eliminated for many businesses, since a business does not have to register or pay if its annual turnover is less than Rs. 20 lakh (Rs.

Detailed explanation-4: -A: GST reduces tax-on-tax and indirect taxation. It does away with multiple compliances like VAT, service tax, etc. thereby increasing the outflow. With GST, the outflow has been effectively reduced and hence eliminated the cascading effect of taxation.

Detailed explanation-5: -GST prevents cascading of taxes by providing a comprehensive input tax credit mechanism across the entire supply chain. Such a seamless availability of Input Tax Credit across goods or services at every stage of supply has enabled streamlining of business operations.