GST was fully implemented in India on 1 July 2014. GST stands for Good and Savvy Tax. This is a type of tax that is levied on all types of goods. Before GST, there was a lot of tax like VAT etc. Together these have been taxed, GST is an indirect tax. Although GST is levied on the goods in every state, but where there are no, different tax is levied on the common man, the biggest benefit is from the implementation of GST, if any face is bought, then only one Tax will have to be paid, due to this, the value of goods will remain same in the whole country. After the implementation of GST, you buy goods from anywhere, you have to pay goods, which are goods everywhere.
I aim of GST is one tax one country, it means that all states will be taxed, this will increase the trade between states, it will be beneficial for those who want to open their business in other states, GST small and big. It is a good tool for entrepreneurs, due to its implementation, giving tax and documentation has become very easy, this will facilitate tax payment.
The benefits of GST are as follows:
With the introduction of GST, the tax facility has become easy, so we do not have to pay tax on tax.
With the implementation of GST, the government has benefited 2 or 3 percent of GDP.
By implementing GST, if a company or factory makes a product in one state and sells it in another state, then there is no need to pay many types of taxes to it, due to this, the rate of Vastu does not increase and goods remain everywhere.
Corruption has been stopped due to the implementation of GST, this has led to a reduction in tax fraud by the officials.
The implementation of GST has brought transparency in taxes and reduced tax related matters.
The entire structure under GST is online which has reduced the number of tax evasion cases.
Let's understand how the price of a product goes up-
A product is completed in several stages, that is, reaching the people, the product passes through several taxes. When a company makes a product, then the raw material is called before which the watt is applied.
Then he is made by the product company, then on reaching the products dealer and wholesaler, he is charged VAT and excise duty, later he sells it to the retailer by paying some tax.
By this you will have come to know how much the salmon used to reach the customer is taxed so much tax. Now the goods and services will be taxed but it will remain fixed.
With the introduction of GST, the prices of some commodities have gone up and the prices of some commodities have come down, the system of taxation has become different and it has become one thing in every state.
GST losses:
The service tax has increased with the introduction of GST, earlier the service tax was 16.5% but now it has increased to 17%.
The implementation of GST will increase the load on the state governments and will reduce the income. The central government will only bear the loss of the states for a few years.
Is it expensive?
eat outside
Phone bills
Expensive cars
Branded jewelery
Courier & Purcell
Mobile phone
Cabs and Taxis
What happened cheap:
Branded clothes
Small car
Buying house
Furniture
Dis tv
Cement
The GST includes three types of taxes: Central State and Integrated Tax. In such a system, the company will have to do three types of registrations and will have to keep an account by filling separate returns. If the company does many types of business, then it will have to register separately.
Types of GST-
1-CGST - This tax is collected by the Central Government by selling it in the intra-state.
2-SGST- It is collected by the state government by selling it in the inter state.
3-IGST - It is collected by the Central Government by selling it in the inter state.
GST has eliminated the following tax -
Central excise duty
Luxury tax
Tax over lottery
Entertainment tax
Value Added Tax
Purchase tax
service tax
Central Sales Tax
After applying GST, the company gets a GST number because if you want to do business then you must have a GST number. If you buy any salmon that has GST on it, you can claim GST tax, by doing this you get a small exemption in paying tax. If you have a GST number, then you can show your income, so that there will be transparency in your business.
GST registration document for individuals and single supporters:
Pan Card
Aadhar Card
Owner's photo
address proof
Bank account statement
How to register for GST -
Go to the website.
The first step is to go to the GST portal (https://www.gst.gov.in/) and click on Register Now mentioned under the Taxpayers (General) tab, which can be seen on the left.
Fill in basic information
The next step is to enter the required details in Part A. Click on the new registration and click on the taxpayer in the subsequent drop down. Then you need to select the state and district from more drop downs. After that, enter your business name, business PAN, an email address and a mobile number. Make sure the email ID and mobile number you have entered is correct as all relevant OTPs will be sent to them. Once you enter the required information, click proceed.
Receive OTP
As you proceed, you will receive an OTP on mobile and email. If you don't get it
