Skip to main content

Goods and Services Tax

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.The GST is governed by a GST Council and its Chairman is the Finance Minister of India. gst.gov.in
Labels:

Comments

Post a Comment

Popular posts from this blog

Components of GST

There are 3 applicable taxes under Goods and Services Tax (GST) : CGST, SGST & IGST CGST : Collected by the Central Government on an intra-state sale (Eg: Within State) SGST : Collected by the State Government on an intra-state sale (Eg: Within State) IGST : Collected by the Central Government for inter-state sale (Eg: One State to Other States)
Post a Comment
Read more

Advantages Of GST

Advantages in short Removing casecading tax effect Higher threshold for registration Online simpler procedure Composition scheme Lesser compliances Define treatment for e-commerce Increase efficiency in logistics Regulating the unorganised sector Etc. Advantages in details  GST is a transparent tax and also reduce number of indirect taxes (like VAT, Service tax, Excise) GST will not be a cost to registered retailers therefore there will be no hidden taxes and and the cost of doing business will be lower. Benefit people as prices will come down which in turn will help companies as consumption will automatically increases. There is no doubt that in production and distribution of goods, services are increasingly used or  consumed and vice versa. Separate taxes for goods and services, which is the present taxation system, requires division of transaction values in to value of goods and services for taxation, leading to greater complications, administration, ...
Post a Comment
Read more