The full form of GST is Goods and Services Tax. In India, it really creates the biggest impact and changes the whole situation of the country. It is an indirect tax which is applied throughout India. GST is a single tax on the supply of the goods and other services. It replaced and cascading the taxes which are levied by the central and state government. It is governed by the GST council and its chairman is the finance minister of India. Many people are really excited to know about the GST and frequently ask the same question. There are many questions arise in the mind of people that really impact on the nation and also their livelihood.
Top 10 Questions about GST Bill in India
What is GST and How does it Work?
GST is a goods and services tax which is a single tax. It directly applied on the goods and services from the manufacturer and customer. It is one indirect tax for the whole nation and it makes India one unified common market. GST is an essentially a tax which is on value addition at each stage. The GST charges by the last leader who buys the product.
What are the Advantages of GST in Nation?
GST has lots of benefits. In India, there are many industries which get lots of benefits of the GST. Especially for the business and industry, GST makes the business robust and enhance the chance of online billing in the IT industry. It cascades the tax and it reduces the hidden cost of doing the business.
What are the Main Events that have Lead to the Introduction of GST?
Discuss about the GST is being introduced in the country after a 13-year long journey. It was first discussed in the report of the Kelkar Task Force on indirect taxes. Since 2003 to 2017, it was discussed about the GST and to cascade the tax. But due to some circumstances and committee meeting, it was not applied in the country.
Which Taxes at the Center and State Level is being Included into GST?
Additional excise duty, central excise duty, special additional duty of customs, service tax, countervailing duty are some of the tax is being included in the Central. For the state level, subsuming of the state value added tax, entertainment tax, purchase tax, luxury tax are included.
How would be the GST Administrated in India?
There are two types of GST are applied in India. State GST and Central GST levy the GST across the value chain. The center would levy the center tax and collect the center tax. On the other side, state level collects the tax of state tax.
What are the Major Features of the Proposed Payment Procedures under GST?
The service tax payers will not have to apply for the registration under the GST. Only one application will be filled online for the registration under GST. Each dealer has to give the unique ID GSTIN.
What are the Major Features of the Proposed Registration Procedures under GST?
The common return will serve the return purpose to the central and state both. The tax payers can fill the four forms for the return.
What are the Major Features of the Proposed Returns filing Procedures under GST?
Now you won’t need to register on the pages and you can apply the service with the online processors. You can easily do the payments through the online services.
Will Cross Consumption of Funds Between Services and Goods are Allowed in GST Regime?
CGST will be allowed in the goods and services. Like this, the cross consumption would be allowed in the SGST.
How Inter-State Business of Services and Goods be Taxed in GST of IGST process?
In the cases of the inter-state connections, the center will charge and collect all integrated service tax and goods. The importing deal claims the acclaim of IGST and the release output tax ability in their own state.