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GST is an indirect tax system in India. It come into force after many reforms in the tax system. It replaces many indirect taxes like VAT, Service Tax Law, Central Excise Law etc. Get GSTIN today!
Why the GST is important?
The new system is the biggest tax reform in India after Independence. It’s the most comprehensive tax policy adopted by the central. This was expected to boost Indian economy and overall growth.
What are the different components of GST System?
- CGST ( Central Goods and Services tax)
- SGST ( State Goods and services Tax)
- IGST (Interstate Goods and services Tax)
- UTGST (Union Territories Goods and services Tax)
What’s GST Slab?
It’s a base rate at which goods and services are taxed. Currently GST has 28%, 18%, 12%, and 5% slabs.
Who should pay GST?
- A person who is supplying goods and services, having turnover more than 20 lakhs is liable to pay GST.
- An interstate supplier.
- However, a e-commerce trader, person or persons specified by the council or the government as exception, Input service provider, an agent – are whether or not cross the turnover, however, are required to register themselves under GST regime.
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