1. GST has removed the cascading effect of taxes and thus is beneficial to many. On a lighter note, GST (Goods and Service Tax) has a 'Good' is it, so we can state it's a good tax!

    GST has removed the cascading effect of taxes and thus is beneficial to many. On a lighter note, GST (Goods and Service Tax) has a ‘Good’ is it, so we can state it’s a good tax!

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  2. No. GST is an indirect tax. It has replaced VAT, Central Excise, Service Tax and many other indirect taxes.

    No. GST is an indirect tax. It has replaced VAT, Central Excise, Service Tax and many other indirect taxes.

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  3. GST is a state-based tax. For intrastate supplies CGST and SGST are charged, However, for interstate supplies, IGST/UTGST is charged. As on today, GST rates are divided into 4 slabs: 5%, 12%, 18% and 28%.

    GST is a state-based tax. For intrastate supplies CGST and SGST are charged, However, for interstate supplies, IGST/UTGST is charged.
    As on today, GST rates are divided into 4 slabs: 5%, 12%, 18% and 28%.

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  4. GST is an indirect tax. Supply is the point of taxation here.

    GST is an indirect tax. Supply is the point of taxation here.

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  5. GST rates are divided into slabs. As of now there are 4 slabs: 5%, 12%, 18% and 28%. You can search the tax rates for individual products here: https://www.mastersindia.co/gst/hsn-code-search/

    GST rates are divided into slabs. As of now there are 4 slabs: 5%, 12%, 18% and 28%. You can search the tax rates for individual products here: https://www.mastersindia.co/gst/hsn-code-search/

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  6. GSTR-11 is a GST return that has to be filed by persons who have been issued a Unique Identity Number (UIN) and who claims a refund of the taxes paid on their inward supplies (purchases). GSTR-11 must be filed by the 28th of the month following the month in which the UIN holders receive the purchaseRead more

    GSTR-11 is a GST return that has to be filed by persons who have been issued a Unique Identity Number (UIN) and who claims a refund of the taxes paid on their inward supplies (purchases). GSTR-11 must be filed by the 28th of the month following the month in which the UIN holders receive the purchases (inward supplies).
    Read more here: https://www.mastersindia.co/gst/gstr-11-filing/

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  7. The rate of GST is added to the base price/value of supply. Formula: GST Amount = Value X (GST Rate ÷ 100) Total value of goods or services including GST = Value + GST Amount For example: Assume product X has a value of INR 100, and the GST rate applicable product on X is 18%. Amount of GST = 100 XRead more

    The rate of GST is added to the base price/value of supply.
    Formula:
    GST Amount = Value X (GST Rate ÷ 100)
    Total value of goods or services including GST = Value + GST Amount
    For example:
    Assume product X has a value of INR 100, and the GST rate applicable product on X is 18%.
    Amount of GST = 100 X (18 ÷ 100) = INR 18
    Total value of product X including GST = 100 + 18 = 118 INR.
    So, according to the above calculations, the GST amount on Product X will be INR 18, and the net value will be INR 118.

    You can use the freely available GST calculator as well.
    https://www.mastersindia.co/gst-calculator/
    In order to calculate GST using this online GST Calculator, the taxpayer must have the information regarding the GST rate or HSN/SAC Code applicable to those particular goods and services.

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  8. GST in simplest terms is a tax charged on supply of Goods and Service. It's an indirect tax that has replaced the traditional VAT, service tax, central excise and others. You can learn the basics of GST on this website - https://www.mastersindia.co/gst/gst-basics/

    GST in simplest terms is a tax charged on supply of Goods and Service. It’s an indirect tax that has replaced the traditional VAT, service tax, central excise and others. You can learn the basics of GST on this website – https://www.mastersindia.co/gst/gst-basics/

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  9. Central Goods and Service Tax - CGST State Goods and Service Tax - SGST Integrated Goods and Service Tax - IGST Union Territory Goods and Service Tax - UTGST

    Central Goods and Service Tax – CGST
    State Goods and Service Tax – SGST
    Integrated Goods and Service Tax – IGST
    Union Territory Goods and Service Tax – UTGST

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  10. A single common 'Goods and Services Tax (GST)' was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.

    A single common ‘Goods and Services Tax (GST)’ was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.

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