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Every Person who is an accountant or belongs to accounting field listen a word GST so here we try to cover that to cover that topic i hope this will be usefull to You.
What is GST?
The full form GSTGoods and sales tax. GST is an indirect tax which is charged on goods and services by the seller this act is passed on parliament on 01st Jul 2017 so it is applicable to all india
Advantage of GST
Remove Cascading tax effect
Higher threshold for registration
Composition scheme for small business
Online Simpler procedure under GST
Lesser compliances
Define treatment for e-commerce
Increased efficiency in logistics
Regulatingthe unorganized sector
Type of GST
There are mainly three of GST
CGST: This tax is received by the central goverment on intra state sale
SGST : This tax is Received by the state government on intra state sale
IGST: Received by the central government on inter state sale
Tax rate of GST in india
Tax rates are applicable are different according to the product mainly tax rate are 0% 5% 12% 18% and 28%
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