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.
Personal Loan related Articles
Personal Loan Bajaj Finance Personal Loan HDFC Personal Loan Status ICICI Personal Loan HDFC Personal Loan EMI Calculator Personal Loan Calculator Personal Loan Eligibility HDFC Personal Loan Interest Rate Loan Against Property SBI Personal Loan Interest Rate Personal Loan Interest Rates Axis Bank Personal Loan HDFC Personal Loan SBI Personal Loan
Aadhar Card related Articles
Aadhar Card Update Correction How to Link Aadhar Card to Dena Bank Account How to Link Aadhar to Vodafone Mobile Number Online How to Link Aadhar to Airtel Mobile Number Online How to Link Aadhar to ICICI Bank Account How to Link Aadhar to Kotak Mahindra Bank Account How to Link Aadhar to SBI Bank Account How to Link Aadhar to IRCTC Account How to Link Aadhar to LIC Policy How to Link Aadhar to Tata Docomo Mobile Number Online How to Apply for Aadhar without Any Documents How to Get Lost Aadhar Card How to Reapply for Aadhar Card Aadhar Card for a Non-Resident Indian How to Lock and Unlock Biometrics in Your Aadhar Card How to Get Duplicate Aadhaar Card Link Aadhaar with Ration Card How to Link Aadhaar with EPF Account Aadhar Card Link to Bank Account Aadhar Enrollment Center Aadhar Card Mobile Number Registration Aadhar Card Application mAadhar App e-Aadhar Card Download Pan Card Link Aadhar Card Aadhar Card Download Aadhar Card Status Check Aadhar Card How to Link Aadhar Card to IDBI Bank Account How to Link Aadhar to Vijaya Bank Account How to Link Aadhar to Central Bank of India Account Aadhar Card Verification Aadhar Card for Children Aadhaar Virtual ID How to Link Aadhar to PNB Bank Account How to Link Aadhar to Idea Mobile Number Online How to Link Aadhar to HDFC Bank Account How to Link Aadhar to Bank of Maharashtra Account How to Link Aadhar to Bank of Baroda How to Link Aadhar to Citibank Account How to Link Aadhar Card to Andhra Bank Accounthow-to-link-aadhar-card-to-andhra-bank-account How to Link Aadhar Card with Corporation Bank Account How to Link Aadhar to Bank of India Account How to Link Aadhar with Indian Bank Account How to Link Aadhar to Canara Bank Account How to Link Aadhar to Union Bank of India Account How to Link Aadhaar Card with Allahabad Bank Account How to Link Aadhar Card to Indian Overseas Bank Account How to Link Aadhar Card to UCO Bank Account How to Link Aadhar Card to Syndicate Bank Account How to Link Aadhar to United Bank of India Account How to Link Aadhar Card to Oriental Bank Account How to Link Aadhar to Axis Bank Account How to Link Aadhar to BSNL Mobile Number Online
GST related Articles
History of GST GST Benefits GST News GST Calculator GST Composition Scheme GST Compensation GST Returns Imports under GST GST Bill GST Registration GST Rates
CIBIL related Articles
Two Wheeler Loan related Articles
Gold Loan related Articles
Mudra Loan related Articles
Business Loan related Articles
Car Loan related Articles
HDFC car loan status SBI Car Loan EMI Calculator Car Loan EMI Calculator HDFC Car Loan SBI Car Loan Interest Rate SBI Car Loan Car Loan Interest Rate Car Loan
Education Loan related Articles
Home Loan related Articles
SBI Home Loan HDFC Home Loan Calculator SBI Home Loan Calculator LIC Home Loan Home Loan Eligibility Calculator ICICI Home Loan Housing Loan HDFC Home Loan Login Axis Bank Home Loan HDFC Home Loan Interest Rates Indiabulls Home Loan SBI Home Loan Interest Rate DHFL Home Loan HDFC Home Loan Home Loan Interest Rates Home Loan EMI Calculator Home Loan
PAN Card related Articles
PAN Card Status PAN Card Form Pan Card PAN Card Correction PAN Card Details Know Your PAN UTI PAN Card Status Pan Card Online PAN Card Application