GOODS & SERVICE TAX LAWS MODULE
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GOODS & SERVICE TAX LAWS MODULE
The goods and services tax (GST) is on goods and assistance sold nationally for consumption. The tax is retained in the final price and gets paid by customers on sale. And it is given to the country by the dealer. The GST gets taxed at a single rate across the nation.
GST is a single value-added tax on the diffusion of goods and services, right from the factory to the buyer. Credits of input taxes paid at each stage will be open in the next step of additional value which makes GST essentially a tax only on value addition. The final client will thus bear only the GST set by the prior dealer in the supply chain.
Four types of GST
Integrated Goods and Services Tax (IGST)
IGST is a tax imposed on all Inter-State supplies of goods and services. And is managed by the IGST Act. IGST is applicable on any supply of goods and services in both import into India and export from India.
State Goods and Services Tax (SGST)
SGST is one of the tax parts of GST in India. SGST Act grows to State Goods and Service Tax. It is one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a vision of one tax in one country. All the tax profits piled under the head SGST is for State Government.
Central Goods and Services Tax (CGST)
Under GST, CGST is a tax set on Intra State stores of both goods and services by the Central Government. SGST is also set on the same Intra State supply but gets ruled by the State Government.
Union Territory Goods and Services Tax (UTGST)
UTGST gets set by the Union Territories and refers to the tax levied on the intra-Union Territory supply of goods and services.
Inclusions
Regular updates on the implementation status of Goods and Services Tax (GST)
We share regular updates on implementation policies to keep you abreast of the modifications happening in different zones of GST. It includes changes in percentage payment or implementation and so on.
Notifications and Circulars
The financial body issues notifications and circulars regularly. And it may become inconvenient for you to stay updated. We at Tax India Services can help you stay updated with current affairs in a gif moment.
Supreme Court & High Court judgments
Commonly, the court passes judgement on various matters regarding taxation policies and disputes. As a tax person and a business owner, your focus is on developing your business and working on the same. Therefore when it comes to updates, we hop in to bridge the cleft.
Amendments in GST Rules, Acts and Regulation
After its take-off, the GST rates got revised numerous times. The latest was on 22 December 2018, where a panel of national and state finance ministers decided to change GST rates on 28 goods and 53 services. And everyone cannot always stay up to date with it. We jump in to bridge the crack.
Latest news updates and studied reports on GST
GST articles get published by experts. And we also share some insightful articles via our email services.
GOODS & SERVICE TAX LAWS MODULE
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