Goods and Service Tax

GST stands for Goods and Service Tax. It is an indirect tax which was introduced to simplify the complicated indirect tax system in India. It brings the all other indirect taxes imposed by central and state governments on the manufacture and sale of goods and services under a single domain at the national level. Types of GST are Central Goods and Service Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST), and Integrated Goods and Services Tax (IGST).

So, GST is basically a consolidated tax that is supposed to replace all other indirect taxes levied on goods and services. It would be based on the uniform rate of tax and will be payable only at the final point of consumption, unlike a cascade tax that is applied at every stage in the supply chain without considering the taxes paid at earlier stages. This way of applying a tax on tax is known as the cascading effect of taxes. Let us understand it with an example;

Goods and Service Tax (GST) is an Indirect Tax in India. GST Registration is PAN Based Registration, applicable to all type of business i.e. Supply of goods, Supply of Service, Import of Goods and Service. The Benefits of GST Registration is that it Increase Credibility, Refund of Tax in Export, Eligible to Trade Globally, Eligible to Claim taxes paid on Purchase, Sell goods or Service through E-commerce operator. Turnover limit for GST Registration is Rs. 40 Lakh in case of goods, and Rs. 20 Lakh in case of Services. If the turnover is below Rs. 20 Lakh still any person can apply for GST Registration voluntarily. Once he get himself registration, he is liable to all compliance under GST. Goods and Service Tax (GST) is an Indirect Tax in India. GST Registration is PAN Based Registration, applicable to all type of business i.e. Supply of goods, Supply of Service, Import of Goods and Service. The Benefits of GST Registration is that it Increase Credibility, Refund of Tax in Export, Eligible to Trade Globally, Eligible to Claim taxes paid on Purchase, Sell goods or Service through E-commerce operator. Turnover limit for GST Registration is Rs. 40 Lakh in case of goods, and Rs. 20 Lakh in case of Services. If the turnover is below Rs. 20 Lakh still any person can apply for GST Registration voluntarily. Once he get himself registration, he is liable to all compliance under GST.