Goods and Services Tax (GST) is an indirect tax levied in India on the sale of all type of goods and services Except Some Petroleum products and Alcoholic drinks for human 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.
- GST is one indirect tax for the whole nation, which will make India one unified common market.
- GST is a vast reform in Indian indirect taxation, the likes of which the country has not seen after Independence.
- GST is a single Tax on both supply of goods as well as the supply of services
- GST is a system of taxation will simplify indirect taxation for both (Tax Payer and Tax collector.
- GST will reduce complexities of a number of Taxation because in GST will replace many types of indirect taxes (shown as under)
- GST will also remove the cascading effect.
- GST will change the way to do business in India.
- GST is a combination of 5 acts (CGST, SGST, IGST, UTGST & CESS Act, 2017)
- GST will have a huge impact on the 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
Table of Content
- GST meaning and overview
- GST Structure vs Old Indirect Tax Structure
- Implementation of GST And Acts of GST
- Whom to Register under GST
- Who is Exempted from Register under GST
- GST Composition Scheme
- Invoice and Its Format under GST
- Bill of Supply and Its Format under GST
- E – Way Bill under GST
- Time of Supply under GST
- Place of Supply of Goods under GST
- Place of Supply of Services under GST
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