The conversation between human and AI assistant.
What is GST bill and how it is going to benefit middle class people?
How will it affect small businesses?
The GST bill will have mixed impact on small businesses. On one hand, it simplifies the tax structure and reduces compliance costs. On the other hand, it may increase the tax burden for some small businesses, since it includes GST registration above an annual turnover of Rs. 20 lakh. However, many small businesses are exempt from this registration requirement or have lower tax rates under the GST, so the impact will vary depending on the type and size of the business.