Gst India

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GST INDIA 


What is goods and services tax (GST)?



GST is an indirect tax for the entire nation, which will make India a joint general market. 
There is only one tax on the supply of GST goods and services.
 GST is a destination based tax that is applicable to value addition at each stage, because the input tax credits paid on the receipt of inputs will be available.
 Thus, the ultimate consumer will take only the GST taken by the last trader in the supply chain, with set-off benefits at the previous previous stage.
GST is an indirect tax that has changed many indirect taxes in India.
The Goods and Services Tax Act passed Parliament on March 29, 2017.
The GST came into effect on 1 July 2017 Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that applies to every value addition.

In simple words, Goods and Service Tax (GST) is indirectly made on the supply of goods and services. This law replaces many indirect tax laws which have existed earlier in India. GST is an indirect tax across the country.
GST is one of the country's largest indirect tax reforms.
GST will bring the state's economy together and improve the overall economic growth of the country.
GST is extensively indirectly on the production, sale and consumption of goods as well as nationally on services.
It will replace all indirect tax on goods and services by state and the center. There are about 160 countries in the world who have GST. 

GST is based on a destination where taxes are collected by the state where goods are used.
India will implement GST from July 1, 2017 and adopts a Dual GST model in which the state and the Center bring tax on both goodies or services or both.



GST India 
GST in India IS divided into two parts AS

1.     CGST -  Central GST

2.      SGST -  State GST

However,  there will be 1 more type of GST is IGST - Integrated GST

Tax rules before GST



GST India 
were indirectly indirectly by both the state and the Center, in the indirect tax regime. The states mainly collected tax in the form of Value Added Tax (VAT). Each state had a different set of rules and regulations. The inter-State sales were done by the center. CST (Central State Tax) was applied in case of internal sales of goods. Apart from the above, many indirect taxes such as recreational tax, Oct. and local taxes such as state and center were levied. This led to overlapping tax by both the state and the center. For example, when the goods were being manufactured and sold, excise duty was taken by the center. VAT was also charged by the state over and above excise duty. This leads to tax, which is also known as the cash-casing effect of taxes. The indirect taxes list in the pre-GST regime is as follows:


GST India 
CGST, SGST and IGST have changed all the above mentioned tax on taxation, betting and gambling. 

However, the responsibility of C-ST's C-ST's 2% concession on the relief rate of 2% and still non-GST items such as... 

 (i) apply for petroleum crude by the use of C-forms.

 (ii) high speed diesel

 (iii) Motor emission (commonly known as petrol)

(iv) natural gas

(V) aviation turbine fuel 

 (vi) Alcohol alcoholic beverage for human consumption.

 Considering the following transactions: 

Repeat

Use in production or processing Use of Telecommunication Network or Mining or Electricity or Electricity Distribution or any other power.



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