Category: Goods and Services Tax (GST)

Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax levied in India on the sale of all type of goods and services Except Petroleum products and Alcoholic drinks these are taxed separately by the individual state governments. This tax came into effect from July 1, 2017, through the implementation of one hundred and first amendment by the Government of India.

• Goods and Services Tax (GST) is one indirect tax for the whole nation, which will make India one unified common market.
• It is a vast reform in Indian indirect taxation, the likes of which the country has not seen since Independence.
• It is a single Tax on both supply of goods as well as the supply of services
• It is the system of taxation will simplify indirect taxation for both (Tax Payer and Tax collector.
• It will reduce complexities of the number of Taxation because in GST will replace many types of indirect taxes ^{(shown as under)}
• It will also remove the cascading effect.
• It will change the way to do business in India.
• It is the combination of 5 acts CGST, SGST, IGST, UTGST & CESS Act, 2017
• It will have a huge impact on Indian economy and all Business (Big, Medium and Small)
• Goods and Services Tax (GST) replaced existing following multiple Indirect taxes levied by the central and state governments

Following topic are explained on the subject of Goods and Services Tax ( GST )(Please Click on Name of Topic)

Goods and Services Tax (GST) meaning an overview

Goods and Services Tax vs Old Indirect Tax Structure

Implementation of GST and Act of GST | with Example

Whom to Register under GST act 2017

Exemption from GST Registration | Examples

Composition Scheme under GST(Goods and Services Tax)

GST Invoice Format In India |Dynamic Excel sheet

Bill of Supply under GST and Format of BOS

E–Way Bill under GST

Time of Supply under GST

Place of Supply of Goods under GST

Place of Supply of Services under GST

GST Invoice Format 3.0| Free Dynamic Excel sheet