Multi-Stage Taxation: GST is levied at multiple stages of the supply chain, from production to consumption. It encompasses various types of transactions, including manufacturing, distribution, and sale of goods and services.

Input Tax Credit (ITC): One of the significant features of GST is the provision for claiming input tax credit. Businesses can offset the GST paid on input materials and services against the GST liability on output supplies, thereby reducing the overall tax burden and promoting cost efficiency.

Threshold Exemptions: GST typically applies to businesses with a certain turnover threshold. Small businesses may be eligible for threshold exemptions or reduced tax rates, providing relief and fostering growth in the SME sector.

Compliance Requirements: Compliance with GST regulations involves timely filing of returns, maintenance of accurate records, and adherence to prescribed procedures. Non-compliance can attract penalties and legal repercussions, emphasizing the importance of robust tax management practices.