Frequently Asked Questions (FAQs) on Goods and Services Tax(GST)

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GST Stands for Good and Services Tax that is an essential regime for India. GST is one indirect tax for the entire nation,which will make India one integrate common market. GST is a single tax on the supply of goods and services,right from the manufacturer to the consumer. GST is a single indirect tax that combines various indirect taxes as Service tax, Central Excise tax, customs tax, VAT tax etc. According to the mentioned information, Here you will find FAQs on Goods and Services Taxes (GST), What is GST?, How would GST be administered in India? etc.

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Important FAQs on Goods and Services Taxes (GST) :

Important FAQs on Goods and Services Taxes (GST)

Frequently Asked Questions on Goods and Services Tax (GST):

Frequently Asked Questions on Goods and Services Tax (GST) DEVELOPED BY SAG INFOTECH PVT. LTD.

What is GST (Goods and Services Tax)? :

What is GST (Goods and Services Tax)? GST describes Good and Services Tax which is an biggest indirect tax reform since independence. It will be levied whenever a consumer will purchase a good or a service. GST is a single indirect tax that combines many indirect taxes such as Service tax, Central Excise tax, customs tax, VAT tax etc. The GST Bill will create a single market for more than dozen state levies.

The Benefits of GST :

The Benefits of GST 1. It removes multi level taxations. 2. It makes India as a single market. 3. It taxes goods and services at the same rate, by which several debates over the tax matter are eliminated. 4. It reduce taxes on manufacturers, hence it flourishes their business and makes them more competitive across the globe.

Which of the Centre and State level Taxes are being subsumed into GST? :

Which of the Centre and State level Taxes are being subsumed into GST? Central Level Central Excise Duty Service Tax Central Sales Tax Additional Customs Duty Special Additional Duty of customs Central Surcharge and cesses State Level State Value Added Tax Octroi and Entry Tax Purchase Tax Luxury Tax Taxes on Lottery, Betting and gambling State Cesses and Surcharges

How Would GST be Administered in India? :

How Would GST be Administered in India? The Indian government is comprised of a dual federal structure and with this anatomy, there will be two component formation:- Central GST (CGST) State GST (SGST) Both of the components will collect the tax on their level across the value chain. The Tax will be levied on every supply of goods and services. These components are responsible for collecting the taxes from their respective deputed area of operation by applying the incurred GST. The input tax credit of CGST will be available for meeting the CGST liability on the outcoming at every stage. Similarly, the credit of SGST paid on inputs will be available for meeting SGST on output.

How will Imports be Taxed under GST? :

How will Imports be Taxed under GST? The Additional Duty of Excise and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the area of India. Now the states, where the goods have been imported and consumed will be getting their share from this IGST paid on imported goods.

What are the Major Features of the Proposed Payment Procedures under GST? :

What are the Major Features of the Proposed Payment Procedures under GST? The major features of the proposed payments procedures under GST are as follows: 1. Electronic payment process- no generation of paper at any stage 2. Single point interface for challan generation- GSTN 3. Ease of payment – payment can be made through online banking, Credit Card/Debit Card etc. 4. Common challan form with auto-population features 5. Use of single challan and single payment instrument 6. Common set of authorized banks

How to File GST Return Online? :

How to File GST Return Online? We have listed some idea regarding filing GST Return Online in a simple manner. We have also pointed the taxes that will be changed henceforth by the implementation of GST Bill.        Read More @ http://blog.saginfotech.com/faqs-gst

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