- The Finance Minister stated that concerns about GST negatively impacting small businesses are unfounded.
- International evidence shows GST alone does not cause inflation; price changes depend on multiple economic factors.
- GST is set at 5% for most goods and services, but the input tax credit system reduces the tax burden for registered businesses.
- Registered businesses can offset taxes paid on inputs, while unregistered businesses cannot charge GST and must bear the full GST on their inputs.
Source: facebook.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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