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Gst – what you need to know about it

India's current indirect tax system is complex and it isn't very easy to navigate. In fact, it is one of the trickiest aspects of running a business in India. To resolve this issue , faced by almost every new or existing businessman, the government has decided to implement a simpler more universally accepted 'Goods & Services Tax' (GST). GST would be one indirect tax meant to create and maintain a unified indirect taxation system across the country.

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Gst – what you need to know about it

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  1. GST – What you need to know about it

  2. List of taxes replaced by GST • Service Tax, VAT, CST, Purchase Tax. • Entry Tax, Luxury Tax, Entertainment Tax, Advertisement Tax. • Central Excise Duty, Tax on Lotteries. • Special Countervailing Duty.

  3. Benefits of GST • Better transparency and compliance. • An easy-to-understand uniform tax structure. • Reduction in tax cascading and leakage. • Consumers benefit from competitive pricing on goods and services.

  4. Different types of GST

  5. CGST • The central government is responsible for collecting Central GST.

  6. SGST • On intra-state sales, the state government collects the state GST.

  7. IGST • On inter-state sales, the central government collects the integrated GST.

  8. The implications of GST slab rates • 5%, 12%, 18%, and 28% are the four tax slabs. • Locally manufactured goods will fall under the lower slab. • Higher slabs will be applied to luxury and negative items.

  9. GST influence on daily life • Individuals will get better pricing on goods and services. • Businesses will get rid of complex taxation systems.

  10. Now that you are aware of the term GST, you must have realised the long-term benefits of the same.

  11. Thanks! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : corporate@herofincorp.com Website : https://www.herofincorp.com/ Know More : GST and It's Various Facets

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