An Indian consumer goods trader shows letters GST representing "Goods and Services Tax" (GST)at his shop in Hyderabad on August 3, 2016. Finance Minister Arun Jaitley said India was on the cusp of its biggest tax reform since independence ahead of a vote in parliament later August 3, on a new national sales tax. The Goods and Services Tax (GST) will replace a patchwork of central and state levies on goods and services and is one of Prime Minister Narendra Modi's biggest reforms since taking power in May 2014 . / AFP PHOTO / NOAH SEELAM

Good and Service Tax (GST)

Goods and Service Tax (GST) is an indirect tax imposed on the supply of merchandise and enterprises. This law has replaced numerous indirect duty laws that previously existed in India.
This GST is the only one Indirect tax in all over India.

Tax-GST2

Breakdown of GST

The Goods and Service Tax (GST) is an Indirect Federal Sales Tax that is connected to the cost of specific merchandise and investments. The business adds the GST to the cost of the item and a client who purchases the item pays the business cost in addition to
GST. The GST part is gathered by the business or seller and sent to the government. It is likewise implied to as Value-Added Tax (VAT) in a few nations.

How GST works

 Most nations with a GST have a single fixed together GST framework, which implies that a single tax rate is connected all through the nation. A nation with a bound together
GST stage blends focal assessments (e.g. sales tax, excise duty tax and service tax) with state-  level expenses (e.g. stimulation tax, section assess, exchange tax, sin tax, and extravagance tax) and gathers them as one single tax. These nations impose practically everything at a single rate

Components of GST

There are mainly three types of GST applicable in all over India

CGST

 CGST stands for Central Goods and Services Tax. This is the tax received by the central government on the intra-state sale of goods and services. (Within Uttar Pradesh)

SGST

SGST stands for State Goods and Services Tax. This tax is collected by the state government on an intra-state sale of goods and services. (Within Uttar Pradesh)

IGST

IGST integrated Goods and Service Tax. This tax is collected by the central government on the interstate sale of goods and services. (Uttar Pradesh to Gujrat)

Benefits of GST

  • GST eliminates the falling impact of tax
  • Higher limit for enrollment
  • Arrangement conspire for private companies
  • Straightforward and simple online system
  • The quantity of compliances is lesser
  • Characterized treatment for E-trade administrators
  • Enhanced effectiveness of coordination
  • The disorderly division is controlled under GST

There were various indirect taxes imposed by both state and center before GST. States basically gathered duties as Value Added Tax (VAT). Each state had an alternate arrangement of systems and regulations.

After the passing of the GST, These laws were replaced with the new tax form

Direct Taxes

  • Income Tax
  • Capital Gains Tax
  • Securities Transaction Tax
  • Perquisite Tax
  • Corporate Tax

Indirect Taxes

  • Sales Tax
  • Service Tax
  • Value Added Tax
  • Custom duty & Octroi (On Goods)
  • Excise Duty
  • Anti-Dumping Duty

Other Taxes

  • Professional Tax
  • Dividend distribution Tax
  • Municipal Tax
  • Entertainment Tax
  • Stamp Duty, Registration Fees
  • Luxury Tax

These numerous laws are replaced with CGST, IGST and SGST or other few enlisted tax

New tax structure following these days

Area of Sales

New Applied Taxes

Previous Taxes

Sale within the State

CGST + SGST
VAT + Central Excise/Service tax

Sale to another State

IGST

Central Sales Tax + Excise/Service Tax

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