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Full form  of GST

GST means Goods and Service Tax

It is a tax which has been newly introduced in India

It has replaced Indirect taxes like VAT,CST,Excise ,Service Tax etc

However, taxes like Income Tax, Payroll, PF, ESI, will continue.

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Why is GST being Introduced

In each state of India,taxes and rules were different

GST will lead to same rates of tax on different state

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When has GST been Introduced?

It has been introduced on 1 July 2017

 

Different Types of GST

GST was Introduced so that We have common tax for all type of Sales

But Unfortunately One GST is not coming

There are 3  Different GST'S

  1. CGST (Central GST)
  2. SGST (State GST)
  3. IGST (Integrated GST)

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  1. Tax Practical
  2. GST - Goods and Services Tax, India
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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