Goods and Service Tax (GST) is an indirect tax in India imposed when a customer buys a good. GST is regarded as an indirect tax imposed on the sale, manufacture, buying of goods. The aim of GST is to remove all the indirect taxes imposed on goods by the Indian Central governments and State governments. The GST Bill is passed by both the Houses of Parliament. GST is a single tax that has replaced all the indirect taxes and a single authority is collecting it in our country.
Goods and Service Tax (GST) is an indirect tax in India imposed when a customer buys a good it has been implanted in India on 1st July 2017. GST is regarded as an indirect tax imposed on the sale, manufacture, buying of goods. The aim of GST is to remove all the indirect taxes imposed on goods by the Indian Central governments and State governments.
The Goods and Service Tax (GST) is a new type of indirect tax which will remove all other types of taxes like sales tax, octroi tax, service tax, central and state sales tax imposed under the current multi-tax system. It is believed that GST will boost our Indian economy.
The GST is a dual tax in India and not a single tax. Mr. P Chidambaram in the year 2006, was the first minister who made the reference of GST in Indian Budget and said it as a single centralised indirect tax in which centre will collect the tax and then the tax will be distributed between the states and centre.
In keeping the federal structure of India, it is proposed that the GST will be issued both by the Central Government (CGST) and the State Government (SGST). Prime Minister Narendra Modi introduced GST in India on the midnight of 1st July 2017.The development of GST took many negotiations as well as revisions before getting launched in India in its final form in the year 2017.
GST (Goods and Service Tax) in India is applicable from 1st July 2017. The GST in India is of three types and they are:
- Central GST(GGST).
- State GST(SGST).
- Integrated GST(IGST).
A person whose annual income will be more than a specified limit it is mandatory to get registered under GST. Besides, there is no fees is charged by the government for doing the registration under GST. In an invoice it is mandatory to include the details like Name, Address, date, GSTIN, invoice number in a serial, rate of GST, taxable value etc. and there is no bound of time limit as well for the issuing of invoices in regards of sale of goods and sale of services.