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An overview of the Goods and Services Tax (GST) in India, including its definition, implementation, tax slabs, objectives, and types and components. It also explains how to set up GST rates in Tally software. useful for anyone who wants to understand the basics of GST in India.
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▪ The elimination of multiple tax systems. ▪ Increase in compliance with businesses. ▪ To reduce the prices. ▪ Boost the country’s complete revenue. ▪ For higher efficiency and productivity.
State government levies SGST on the intra-state transactions of goods and services. The revenue collected is earned by the state government wherein this transaction takes place. SGST subsumes earlier taxes like purchase tax, luxury tax, VAT, Octroi, etc. CGST : The Central government levies CGST on the intra-state transactions of goods and services. It is levied alongside SGST or UGST, and the collected revenues are shared equally between the center and the state.
The GST Council determines the GST rate slabs. The GST Council reviews the rate slabs for goods and services on a regular basis. GST rates are typically high for luxury items and low for necessities. GST rates in India for various goods and services are divided into four slabs: 5% GST, 12% GST, 18% GST, and 28% GST. Since the inception of the Goods and Services Tax, the GST council has revised the GST rates for various products several times (GST). The most recent rate revision went into effect at the 41st^ GST Council Meeting on August 27, 2020. Previously, there had been numerous GST Council Meetings at which certain rate revisions were introduced.
➢ Inter State Transaction ➢ Intra State Transaction Inter State Transaction: It Is a transaction that takes place between two states. For instance, a supplier supplies iron ore from Jharkhand to a consumer in West Bengal. The GST, thus collected, is divided between the Central government and the West Bengal government (State of consumption). Intra State Transaction: When a transaction is carried out within a State, it is an intra-state transaction. For example, a business in Jharkhand supplies 1 tonne of iron-ore to a consumer within the State. The GST then diverts to the Centre government and the Jharkhand government.
GST report is the report that shows a summary of the GST received and paid details broken down By various tax codes and is used to calculate GST payment or refund. The GST report is a type of report that prints your paid and received GST summary, which is Broken down into different tax codes. It is utilized to determine your GST refunds or payments. There are 13 returns under GST. They are the GSTR-1, GSTR-3B, GSTR-4, GSTR- 5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. However, all returns do not apply to all taxpayers. Taxpayers file returns based on the type of Taxpayer/type of registration. Audit under GST is the process of examination of records, returns and other documents maintained By a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, Refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST
GSTN, short for Goods and Service Tax Network, is a non-profit non-government company. It provides shared IT infrastructure and service to both central and state governments including taxpayers and other stakeholders. The registration Front end services, Returns, and payments to all taxpayers will be provided by GSTN. In a nutshell, it will act as the interface between the government and the taxpayers.