Good and Services Tax - Jack Finances

Good and Services Tax  - Jack Finances

Definition:-

             GST stands for Goods and services tax, It is simply put  GST is an indirect tax for the whole country, which will make India a uniform market.

  

After the 17 years of exercise, Gst implemented across the country from  July 1, 2017. GST was introduced because two states have to pay different values for the same thing. 

When GST implemented, almost all goods in all states will be available at the same price.

 GST is being implemented on behalf of more than 17 indirect taxes of center and states, such as central sales tax, turnover tax, entry tax, etc taxes on sales and transportation of goods will be abolished.

 Types of Good and Services Tax(GST):-

There are three types of taxes which are CGST, SGST, and IGST  Here I will tell you how will tax look?

First, the CGST stands for  Central Goods and Service tax and  SGST stands for State  Goods and Service tax will be demand on sale of good and service.

For Ex:- If the person sells goods to the person from the same city then the rate of GST on those items will be 18% then the 9% will be the CGST central goods and service tax and another 9% will be SGST  state goods and service tax will be the demand.

And the goods are sold to a person outside of the state then the IGST integrated goods and services will be demand at the rate of 18%.

    Categories of Good and Services Tax:-

1:- 0% Category:-   In this Category Books, vegetables and eggs are from.

                         

 2:- 5% Category:- In this category, the product will charge 5% of the tax such as Shoes, small hotel bills, train tickets, tea, and coffee, etc.

3:-12% to 18% Category:-  In this category, the product charge 12% to 18% taxes on goods such as Mobil, Camera, Television(Tv), medicine, etc.

                                

 4:-28% Category:-   In this category, the product is Expensive clothes, Telephone bills, Five-star hotel bills, luxury hotel rooms, etc are the types of  28% category.

                  

FAQ OF GST:-

1] What is the type of GST?

There are three main types of GST are as CGST, SGST, and  IGST.

2] How is GST calculated?

It is an easy calculation, which depends on the goods or services. For Ex:- If goods are sold  at 1000 rupees the and the GST rate will apply as 18% then  the net price calculation will be 

1000=(1000*(18/100))=1000+180=1,180 rupees.

3] How to check the GST number?

Log in at the GST portal: go to https://www.gst.gov.in/

- Click on the drop-down of the search taxpayers

 - Click on the search by GSTIN/UIN

 - enter GST Number mentioned on the invoices in the search column enter the captcha shown and click on search. 

4] What is GST a full form?

GST stands for Goods and Services Tax.