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!
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%.
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/
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/
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.
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/
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
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.
Is GST good or bad?
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!
See lessIs GST direct tax?
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.
See lessWhat is GST structure?
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.
See lessAs on today, GST rates are divided into 4 slabs: 5%, 12%, 18% and 28%.
What type of tax is GST?
GST is an indirect tax. Supply is the point of taxation here.
GST is an indirect tax. Supply is the point of taxation here.
See lessWhat is current GST rate?
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/
See lessWhat is GST 11?
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).
See lessRead more here: https://www.mastersindia.co/gst/gstr-11-filing/
How is GST calculated?
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.
See lesshttps://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.
What is GST for beginners?
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/
See lessWhat are the 3 types of GST?
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
See lessState Goods and Service Tax – SGST
Integrated Goods and Service Tax – IGST
Union Territory Goods and Service Tax – UTGST
Who is the father of GST?
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.
See less