GST is abbreviated as Goods and Service Tax, which is an indirect tax all over India to replace taxes charged by the central and state governments. It was launched as the Constitution Act 2107, by following the channel of constitution 122nd Modification Bill. GST is governed by GST council and its chairman is Arun Jaitley Union Finance Mister of India. And GST is may be applicable from July 2017.
As Goods and Services Tax (GST) executed, there will be 3 kinds of applicable Goods and Services Taxes:
CGST: where the revenue will be collected by the central government
SGST: the revenue will be collected by the state government for intra – state sales
IGST: where the revenue will be collected by the central government for inter- state sales
Assume, the dealer in Ahmedabad sold goods to a consumer in Ahmedabad worth Rs. 10,000, the Goods and Service Tax rate is 18% comprising CGST rate of 9% and SGST rate of 9%. In such cases the dealer collects Rs. 1,800 of this amount, Rs. 900 will go to the Central Government of India and Rs. 900 will go to the Gujarat Government.
Now, let us think the dealer in Ahmedabad sold goods to a dealer in Mumbai worth Rs. 10,000. The GST rate is 18% comprising of CGST rate of 9% and SGST rate of 9%. In such case the dealer has to charge Rs. 1800 as IGST. This IGST will go to Central Government of India. So, now there is no need to pay CGST and SGST.
GST Registration & GST Return Filing Service Provider India is mandatory if you are maintaining business in India, GST is an indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments. N. Gamadia & Co. is renowned Chartered Accountant Company for providing best GST Compliances Services Consultancy in India.
Any business entity that is previously registered under any of the existing tax regimes then it is mandatory to migrate under GST law irrespective of the threshold limits. For new Business entrants who are into supplying goods and services and not registered under any of the existing tax system then they are liable to register under GST only when the total Turnover exceeds prescribed threshold limit in any financial year. N. Gamadia have experienced team that are best in GST Refund Filing Procedure Advisory Firm India.
By the implementation of GST, All Indirect taxes are come Under GST regime, No need to obtain different tax registration for various Indirect taxes like Service tax, Multiple VAT for different State. Across India, a single registration under GST is enough for dealing in Goods and for providing Services. N. Gamadia & Co. is Best GST Consultant and Advisory Firm in India. If want to know more about Gst Return Filing Service Provider India, Contact N. Gamadia & Co. - Best Chartered Accountant Company in Ahmedabad, Gujarat, India