BASIC KNOWLEDGE ABOUT GST (Everyone Need to Know)
Basics About Goods & Service Tax (GST) Goods and Services Tax (GST) is a comprehensive indirect tax system implemented in many countries, including India. It was introduced with the aim of simplifying the taxation structure, eliminating cascading effects, and promoting a unified market. Here's a brief overview of GST: 1. What is GST? GST is a value-added tax levied on the supply of goods and services at each stage of the supply chain, from manufacturers to consumers. It replaced multiple indirect taxes such as excise duty, service tax, VAT, and others, streamlining the tax regime. 2. GST Structure: GST is classified into two components: Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). Both are levied by the central and state governments, respectively, on intra-state supplies. For inter-state supplies, Integrated Goods and Services Tax (IGST) is levied by the central government. 3. GST Registration...
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