What GST means?
The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally.
What are the 3 types of GST?
Here's a detailed guide on the three types of GSTs in India; CGST, SGST and IGST. GST subsumes erstwhile state taxes like VAT, octroi, luxury tax, purchase tax, and central taxes like customs duty, central excise duty and service tax.
What is the main purpose of GST?
GST is a multi-stage tax system which is comprehensive in nature and applied on the sale of goods and services. The main aim of this taxation system is to curb the cascading effect of other Indirect taxes and it is applicable throughout India.
Who has to pay GST?
In general, the registered supplier of goods or services will need to pay GST. However, in specified cases like imports and other notified supplies, the liability will lie on the recipient under the reverse charge mechanism.
How is GST charged?
GST is a single domestic indirect tax law for the entire country. Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged. All the inter-state sales are chargeable to the Integrated GST.
What are the 4 types of GST?
Goods and Services tax and types: An overview
There are four types of GST, namely, CGST, SGST, IGST, and UTGST. Each type features different taxation rates applicable at the buyer's end
What are the percentage of GST?
In India GST rate for various goods and services is divided into four slabs: they are 5% GST, 12% GST, 18% GST, & 28% GST. The GST rates for various products have been revised several times by the GST council since the inception of the Goods and Services Tax (GST).
Do I have to pay GST and income tax both?
GST Registration is required if the turnover is more than 40 lakh rupees per year. Income tax should be paid if the annual income of a person is more than 2.5 lakh rupees.
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