GST stands for Goods and Service Tax which was launched in the year 2017 and is applicable for sale of goods and services. Taxes that were collected under various categories are tagged under single common tax name GST. Types of GST, GST Bill, GST Calculation and details relating to GST are given in the article.
What is GST?GST or Goods and Services Tax is the value added tax levied upon the goods and services sold for domestic consumption. The tax charged at every stage of production process is refunded to all parties in the production chain except the end customer/consumer. The single GST replaced several taxes and levies which included: central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. This GST was implemented by Prime Minister Narendra Modi has a object to find a way to the common national market. This will in turn increase a competition in India as well as globally for the Indian goods and services.
What are the Types of GST?GST has brought a reform in the taxation in India. Various types of indirect taxes replaced by GST is categorised under four categories. The four types are
- CGST - CGST is a Central Goods and services tax. It is applicable on suppliers dealing within the state. Taxes which are collected will be shared with the central authority body.
- SGST - SGST is a state Goods and services tax. It is applicable to suppliers who dealing within the state. Taxes which are collected will be shared to state authority body.
- IGST - IGST stands for an Integrated Goods and services tax. It is applicable to suppliers who dealing interstate business and import transaction. Taxes which are collected will be shared to central and state authority body.
- UTGST - If the transaction is related to any union territory.
What is GST Rates?GST imposed different slabs of GST Rates for various products. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than Rs. 100 and 28% GST on tickets costing more than Rs.100 and 5% on readymade clothes. The rate on under-construction property booking is 12%. Most of the products and services fall under the category of GST. In some types of foods, GST is not applicable namely fish, honey, milk, eggs, meat, curd, buttermilk, fruits, sindoor, bindi, newspapers, handlooms, salt, besan, etc.
What is an e-Way Bill?An e-Way Bill is an electronic permit for shipping goods similar to a waybill. It was made mandatory for inter-state transport of goods from 1st June 2018. It is required to be generated for every inter-state movement of goods beyond 10 kilometres (6.2 mi) and the threshold limit of ₹50,000. A unique e-Way Bill Number (EBN) is generated either by the supplier, recipient or the transporter.
What are GST Tax Slabs?Goods and Services Tax is divided into five tax slabs. They are 0%, 5%, 12%,18% and 28%. GST is exempted for Alcohol for human consumption and Petrol and petroleum products (GST will apply at a later date) i.e. Petroleum crude, High speed diesel, Motor Spirit (petrol), Natural gas, Aviation turbine fuel. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.
History of GST in IndiaIndia's biggest tax reform in the 70 years of independence is implementation of GST (Goods and Services Tax), which will help modernise India as Asia's third largest economy. The 17-year-old dream of GST in India unify the US $2 trillion economy with 1.3 billion people into a single market.
Nationwide Goods and Services Tax (GST) has came into effect from 1 July, 2017. This is the marvelous way for a new Common National Market and replaced several cascading indirect taxes levied by the central and state governments.
World’s first country implemented GST is France (in the year 1954). More than 160 countries have implemented GST system. Framework of GST in India had formed 17 years ago. The first move on GST implementation in India was began on July 17, 2000, under Vajpayee Government. In 12 August 2016, Assam became the first state to pass GST. On September 23, 2016, GST Network was formed, it is an online network designed to solve the problems and questions of consumers and businessmen.
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