GST
1. Definition:
- GST is an indirect federal sales tax applied to the cost of
certain goods and services.
- Businesses add the GST to the product price, and customers
pay the sales price inclusive of the GST.
- The collected GST portion is forwarded to the government by
the business or seller.
2. Key Points:
- Applicability: GST applies to various goods and services
across different sectors.
- Tax Rates: GST rates vary based on the type of goods or
services.
- Input Tax Credit: Businesses can claim input tax credit for GST
paid on purchases.
- GST Portal: Businesses can manage GST-related tasks
through the [GST Portal].
If you’re looking for GST registration consultants or advocates
in Dwarka, Delhi, India, here are some options:
1. Tax Advocate India:
- They provide professional GST consultancy and registrations
across India.
- Services include GST registrations, consultations, advisory,
return filings, and regular compliance.
- Contact:
[info@taxadvocateindia.com](mailto:info@taxadvocateindia.com
) | Phone: 9810077152.
2. Lead India Law Associates:
- They offer verified GST registration lawyers in Dwarka, Delhi.
- These experienced lawyers guide and advise on the GST
registration process.
Let’s delve into the comparison between multiple taxation and
the Goods and Services Tax (GST):
1. Multiple Taxation:
- Under the pre-GST regime, India had a complex tax structure
with various indirect taxes such as Central Excise, Service Tax,
State VAT, and more.
- These multiple taxes led to administrative challenges,
overlapping regulations, and compliance burdens for businesses.
- Each state had its own tax laws, rates, and procedures,
resulting in a fragmented system.
2. Goods and Services Tax (GST):
- GST is a comprehensive, multi-stage, destination-based tax
that replaced multiple indirect taxes.
- It simplifies the tax structure by introducing a single tax with
three components:
- Central Goods and Service Tax (CGST): Levied by the central
government on intra-state transactions.
- State Goods and Service Tax (SGST): Levied by state
governments on intra-state transactions.
- Integrated GST (IGST): Applicable to inter-state supplies.
- Advantages of GST:
- Uniformity: Every state follows the same rate for a specific
product or service.
- Simplified Administration: Central government decides rates
and policies, streamlining tax administration.
- Destination-Based: Tax revenue goes to the state where
consumption occurs