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GST WITH ITS BENEFITS AND NEGATIVE EFFECTS

What is GST in India? GST is the system which is proposed and merging of all existing Taxes into a single system i.e.GST(goods and service tax.I t is the single tax on goods from manufacturer to consumer.GST is particularly designed to replace the indirect taxes imposed on goods and services by the Centre and States. GST is one indirect tax for the whole nation, which will make India one unified common market. These are the taxes that could be absorbed into the GST regime: Central Sales Tax State VAT Entry Tax Purchase Tax Entertainment Tax (not levied by local bodies) Luxury Tax Taxes on advertisements State cesses and surcharges Taxes on lotteries, betting and gambling one of the main benefits that the new GST regime promises are a reduction of multiple taxes. Benefit of GST for the Centre and the States According to experts, by implementing the GST, India will gain $15 billion a year. This is because, it w...

Some frequently asked questions on GST

Question 1.What is GST? How does it work? Answer : GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Question 2. What are the benefits of GST? Answer :The benefits of GST can be summarized as under: · For business and industry o Easy compliance : A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be avai...

How to register under GST? Procedure Rules and Documments required

What is the registration process for GST in India? GST registration process will be online through a portal maintained by Central Government of India. Govt. will also appoint GSPs (GST Suvidha Providers) to help businesses with the registration process. Based on the information provided by GSTn, registration process looks like this: The applicant, will need to submit his PAN, mobile number and email address in Part A of Form GST REG–01 on the GSTN portal or through Facilitation center (notified by board or commissioner). The PAN is verified on the GST Portal. Mobile number and E-mail address are verified with a one-time password (OTP). Once the verification is complete, applicant will receive an application reference number on the registered mobile number and via E-mail. An acknowledgement should be issued to the applicant in FORM GST REG-02 electronically. Applicant needs to fill Part- B of Form GST REG-01 and specify the application reference number. Then ...

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