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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

 

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Is GST a Direct Tax or Indirect Tax?

GST is a Indirect tax as we collect it from customer

What are Direct tax and Indirect tax - Current and Deferred Tax Computation

 

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

 

Taxes Replaced and Not Replaced by GST

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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Earlier Indirect Tax Before GST

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New Indirect Tax After Implementation of GST

INDIRECT TAX IMAGE.png

 

 

 

 

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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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.