WHAT IS GST. USES OF GST,HOW GST WILL BE US, HOW GST WILL BE USE,TYPE OF GST
- 6 years ago
GST means Goods and Service Tax. Goods and Service Tax is a complete tax imposed on
manufacture, sale and utilization of goods and service. It is mostly a substitute of all indirect
taxes which imposed on goods and services by the Central and State government of India. Goods
and Services Tax would be levied and collected at each stage of sale or purchase of goods or
services based on the input tax credit process. The main objective of GST is One Nation, One
Tax and One Market. Merging several Central and State taxes into a single tax would moderate
pouring or double taxation, facilitating a common national market. It is such type of tax till the
ultimate consumers will improve competitiveness of original goods and services in the market
which directly impact on GDP growth of the country. The biggest benefit of GST is that it will
unique tax evasion. With the execution of GST in India, the procedure for GST registration
would be centralized and uniformed similar to service tax registration. The procedure for
obtaining GST registration would be uniformed, thereby improving the easiness of starting a new
business in India. Once GST is implemented in India, businesses with revenue of less than Rs.10
lakhs per annum would not have to index for GST nor collect GST.
manufacture, sale and utilization of goods and service. It is mostly a substitute of all indirect
taxes which imposed on goods and services by the Central and State government of India. Goods
and Services Tax would be levied and collected at each stage of sale or purchase of goods or
services based on the input tax credit process. The main objective of GST is One Nation, One
Tax and One Market. Merging several Central and State taxes into a single tax would moderate
pouring or double taxation, facilitating a common national market. It is such type of tax till the
ultimate consumers will improve competitiveness of original goods and services in the market
which directly impact on GDP growth of the country. The biggest benefit of GST is that it will
unique tax evasion. With the execution of GST in India, the procedure for GST registration
would be centralized and uniformed similar to service tax registration. The procedure for
obtaining GST registration would be uniformed, thereby improving the easiness of starting a new
business in India. Once GST is implemented in India, businesses with revenue of less than Rs.10
lakhs per annum would not have to index for GST nor collect GST.