What is GST full detail?
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services..
What is GST 11?
GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. … In other words,Goods and Service Tax (GST) is levied on the supply of goods and services.
What are the GST categories?
There are four different types of GST as listed below:The Central Goods and Services Tax (CGST)The State Goods and Services Tax (SGST)The Union Territory Goods and Services Tax (UTGST)The Integrated Goods and Services Tax (IGST)
What are the 3 types of GST?
Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.
What is GST rate?
The GST rate in India for various goods and services is divided under 4 slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST.
Which is the GST Day?
1st JulySecond anniversary of implementation of historic tax reform of Goods & Services Tax as 1st July is celebrated as the “GST DAY”.
What are the GST rules?
GST Invoice Rules and GuidelinesIssue a Tax Invoice for all taxable goods and services, if you registered under GST.Issue a Bill of Supply in case you are registered under Composition Scheme.Make sure you number all your invoices in sequential series.Makes sure your GST invoices contain your name, address, place of supply, GSTIN.More items…
How many types of GST are there in India?
Revised GST Slabs in India for FY 2020-21 GST means Goods and Services Tax. It has 3 different tax categories: CGST –Central GST. SGST –State GST.
How is GST calculated?
GST can be calculated simply by multiplying the Taxable amount by GST rate. If CGST & SGST/UTGST is to be applied then CGST and SGST both amounts are half of the total GST amount. For example: GST including amount is Rs. 525 and GST rate is 5%.
Who is the father of GST?
Seven months after the formation of the then Modi government, the new Finance Minister Arun Jaitley introduced the GST Bill in the Lok Sabha, where the BJP had a majority.