GST

Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and Twenty Second Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill.

 

  • What is GST?

    Goods and Services Tax is the new unified, multi-stage and consumption based tax levied on manufacture, sale and consumption of Goods and Services at national level to replace all the existing national and state tax systems like VAT, Service Tax, Excise Duty, etc. It is expected to remove the cascading effect of tax-on-tax which is prevalent presently. It is applicable to you if you are into Manufacturing, Trade, E-commerce or Services.

  • What are the Benefits of Goods & Services Tax?

    • Cascading tax effect (meaning tax on tax) will no longer exist

    • Input Tax Credit will be easier to avail

    • Returns and compliance will be consolidated

    • Increased efficiency in Logistics

    • Subsumes variety of Indirect Taxes

    • Higher threshold for Registration

    • Composition scheme for smaller businesses

    • Online simpler procedure

    • Regulating the unorganized sector