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Bangalore - 560070
GST Consultants in Bangalore
SAHU & ASSOCIATES:We are GST Consultants in Bangalore.
Basics of Goods and Service Tax
GST Online Return Filing Forms in India
GST - and Service Tax. This tax a proposed indirect taxation mechanism which is supposed to be introduces by Government of India from 1st of April 2017. Once GST came into force it will ruin away the cascading effect of the indirect taxes in India i.e., taxes on taxes charged on goods and services. So there is essence to know all about GST.
The GST is going to be a substitute for different tax such as VAT, CST, Service Tax, Central Excise, Counter Vailing Duty (CVD)under Customs and Special Additional Duty(SAD) under Customs. Now the question how the GST is going to be look like and work. So let us know the answer for it.
The GST is going to be of following types.
1. SGST (State GST) - to be collected by the State Government
2. CGST (Central GST) - to be collected by the Central Government and
3. IGST (Integrated GST) - to be collected by the Central Government.
1. SGST and CGST will refer and arise when a sale will be done within the state having two types of taxes (SGST and CGST) one goes to the State Govt. and another one goes to the Central Govt. This GST will substitute VAT, Excise and Service.
2. IGST will refer and arise when a sale will be done outside the state having one type of tax i.e. IGST which goes to the Central Govt. This GST will substitute CST, Excise and Service.
The main Concept of bringing GST is to get the credit of the taxes levied such as VAT, Excise and Service tax under the one head i.e., GST.
Main Benefits with Introduction of GST:
1. Price Reduction of Goods and Services
2. Increase in Government Revenues
3. Less Statutory Formalities resulting from less complications and compliances
4. Move towards a Unified GST as followed by many countries at international level
Recently Finance Ministry of India have put forward Model GST Law in public domain, text of the same can be read below: