About.
GST is short for Goods and Service tax. It was implemented on July 1, 2017. It is one of the largest transformations of tax collection in Indian history. A GST return is a document containing details of all income/sales and/or expense/purchase that a taxpayer (every GSTIN) must file with the tax administrative authorities. The implementation of this tax eradicated many others and merged all of them into a single one. In most cases, GST is less than the earlier norms of taxes, such as Service tax, VAT and Excise duty. GST filing is used by tax authorities to calculate net tax liability. In the GST norms, any regular business must file three monthly returns and one annual return.
Benefits.
Less Tax
Less tax to pay compared to earlier VAT, Service tax, excise duty
Components of GST.
Central Goods and Service tax (CGST)
CGST is levied on intrastate supply of goods and services. It is charged by the Central government.
State Goods and Service Tax (SGST)
SGST is levied on intrastate supply of goods and services too. It is charged by the State government.
Integrated Goods and Service Tax (IGST)
IGST is levied on interstate supply of goods and services. The amount of IGST is shared between Central and State governments.
Union territory Goods and Services Tax (UTGST)
UTGST is levied on intrastate supply of goods and services too. It is charged by the Union territory government.