Gst is new indirect tax in India that Will imposed on the consumption of goods and services. The gst full form is goods and services tax. Gst is categories into 3 sub group of sgst, cgst and igst.
What is big benefit of gst?
Gst will reduce the taxation work of CA and accountant. The complexity of many tax will reduce due to uniform tax system.
Gst is very helpful for improving the taxation area of india. It will make the taxation. Process fast and reliable with transferacy. Now customer have full access about what is the basic amount of the product with tax explanation. You know very well , consumer have to pay the tax burder indirectly. Even they do not have knowledge about it in detail. But after implemantion of gst in India, customer will know all detail taxation part. It will build confidence among the customer.
Some basic facts about gst:
– gst is an indirect tax that is new in India.
– there are 3 group categories in gst. 1.Sgst , 2. Cgst and igst.
– sgst and cgat is the tax that is calculated when there is sell or purchase within the state.
– igst full form is integrated goods and services tax. It is tax that is calculated when there is sell or purchase of goods or services outside of state.
– gst is introduced in July 2017.
– gst will open the doors for doing business at international level with easy. Now the. Taxation part of nation is same that is using foreign countries. It will create transfercay of calculation and taxation part at internation. Same taxation processes will attract foreign business toward India.
– gst will reduce the tax burden and make the account work simple. Before implemantion of gst tax in India, there are so many indirect tax in India like service tax , excise and vat etc. But now, there is only one tax , one country concept in India.