New to GST Law? In this post, we will cover the basics of GST Bill in India, which will help you develop an understanding of the GST Law in India. This comprehensive guide will cover-
What is GST
The full form of GST is Goods and Service Tax. It is an indirect tax introduced in India from 1st July 2017. It is a value-added tax levied on the manufacture, sale, and consumption of goods and services. Alternatively, GST can be defined as a destination based tax where the tax is collected on the place where the ultimate consumption is done, no matter how long the journey of good otherwise had been!! At every stage of supply, credit for, the taxes already paid on purchases or inward supply is allowed. And, the final payout occurs from the pocket of the consumer of goods or service. There are differential rates prescribed by Central Board of Indirect Tax & Customs (CBIC). There is also a GST council set up to make and implement the by laws. Here are some of the key changes which GST has brought to the old taxes system :
Abolishing Cascading effect i.e. tax on tax.
Removing the differentiation between goods and service, the only concept is supply
Bringing harmony to the overall economy by concepts like E waybill
TDS and TCS introduced in the indirect taxes
Single window clearance
Freedom from multiple taxations
Increased transparency and so on
What is the date from which GST came into force in India?
What is the purpose of bringing GST in India?
Which indirect taxes have been replaced with the implementation of GST?
What is the structure or framework of GST in India?
What is SGST?
What is CGST?
What is UTGST?
What is IGST?
What is the difference between CGST, SGST, and IGST?
What is the meaning of "Goods" under GST?
What is the meaning of "Services" under GST?
What are the GST Tax Rates in India?
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