GOODS & SERVICE TAX

Hello Friends,

My this blog is related to tell you about the GST. GST means Goods & Service Tax. It is an Indirect tax.


GST Features:
  • On 1st July, 2017 GST has been in introduced in India. 
  • The main motive behind the GST is that One Tax, One Nation.
  • It is one of the major Tax Reform in India.
  • It reduce many Indirect taxes like VAT, Service Tax, Entertainment Tax, Luxury Tax etc. in India.
  • It helps to remove the cascading effect (Tax on Tax) and reduces the cost of goods.
  • Now there are only three types of Taxes in India:
    • CGST (Central Goods & Service Tax)
    • SGST (State Goods & Service Tax)
    • IGST (Integrated Goods & Service Tax)
  • Implementation of GST as per Supplies of Goods and Services
    • For Inter State Supply (One State to Another State)
    • For Intra State Supply (Within a same State)
Examples: 

If a Delhi based Dealer supply his Goods worth Rs. 30000 with in Delhi at 18% Tax rate. Then he will collect 9% (Rs. 2700) in CGST & 9% (Rs. 2700) in SGST on the goods supplied by him.

If a Delhi based Dealer supply his Goods  worth Rs. 30000 in Punjab (or any other state of India) at 18% Tax rate. Then he will collect 18% (Rs. 5400) IGST on the goods supplied by him.
  • GST is mainly a technologically driven. All activities like Registration, Return Filling, Amendments, Refund Application, Query, Grievance etc. can be possible online on GST Portal.
  • It reduces the Compliance work which saves our time and money also. Calculation become more easier and simpler. 
  • E-way Bill system is very helpful for Inter-state and  Intra-state movement of goods in a very easy manner.

I hope it will be helpful to you.

Thanks and Regards

Kulvinder Kaur
B.Com(H), MBA(Finance)

9871580806,8826566751
rightsteptoinvest@gmail.com

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