The conversation between human and AI assistant.
What exactly is GST, How will it benefit India?
I see. How does GST impact small businesses in India?
Small businesses with an annual turnover of less than Rs. 20 lakhs are exempted from GST. However, they can choose to register voluntarily, which can help them avail various benefits of the GST system. GST also simplifies the tax calculations and compliance requirements for small businesses, making it easier for them to do business.