In this blog, I will give you complete information about GST, what is GST, what is the full name of GST, what are the types of GST, when GST was implemented in India, and the benefit of GST coming to India. when GST did not come in India, VAT and many types of taxes used to run inside India, due to which the same item had different taxes in different states, so the arrival of Goods and Service Tax ( GST ) made a difference that Now no item will be taxed differently in different states, any item will have the same tax in any state.

GST ( Goods and Service tax )Meaning in india

Friends, the full name of GST is goods and service tax, which I will tell you in simple words,

Goods = goods

Service = service

Tax = tax

It simply means that the tax levied on goods and services is called GST, which means goods and service tax.

( Goods and Service Tax ) GST launch in india

GST was passed in the Parliament on 29 March 2017 and it was implemented in India by Prime Minister Narendra ji Modi in the midnight of 1 July 2017 but friends in the year 2000 Prime Minister Atal Bihari Vajpayee, his economic advisor, and RBI There was a meeting between the three governors in which they proposed GST (goods and service tax).

Types of ( GST ) Goods and Service Tax

Friends, if we talk about the type of GST, then there are three types of GST,

CGST (Central Goods and Services Tax)

SGST (State Goods and Services Tax)

IGST Integrated Goods and Services Tax

which tax will be taken by which government,

CGST (Central Goods and Services Tax) This tax will be collected by the Central Government.

SGST (State Goods and Services Tax) This tax will be taken by the State Government

IGST ( Integrated Goods and Services Tax ) This tax will be taken by the Interstate Government.

all these taxes are part of GST but they will be taken by the government of different states, let’s know how?

Friends, if a person from Madhya Pradesh sells goods to a person from Madhya Pradesh, then both cgst and sgst will be charged half-and-half. For example, if the tax on any goods is 28%, then 14% CGST is levied and 14% SGST will be applicable.

But if you have bought or sold goods outside your state, then it will attract 28% IGST. These formulas are very simple, if any item is bought or sold from state to state, then both cgst and sgst will be levied, and if goods are bought or sold from state to state then you will have to pay igst tax.

GST Registration Process in India

Talk about GST registration, who has to do GST registration and who does not.

Friends, if we talk about gst registration, then there are some rules according to which you have to do GST registration, if the turnover of a person’s business is 20 lakhs or more in a year then it is mandatory to take gst number, but four states Tripura, Mizoram, Manipur, Nagaland, if the turnover of a person’s business is 10 lakh rupees, then they have to take gst number, this is because these are hilly areas and sales, or purchases are less,

But if you have just started your businees and if you want to take gst number then you can also take gst number.

Benefits of (GST) Goods and Service Tax

What are the benefits of coming of gst friends?

1. Friends, before the arrival of GST, we had to pay tax on many things like oil, honey, wheat, vegetables, books, news paper, toothpaste, so now with the advent of GST, we do not have to pay tax on them.

2. Not tax on tax: – Friends, earlier we used to have to pay tax on tax, but it has ended with the advent of GST.

3. With the introduction of GST, if a person pays someone, then he will not be able to pay more than 10000/- in the form of cash.

4. With the advent of GST, we will not have to pay CST to other states.

Benefits to India from the implementation of GST

Friends, if we talk about GST, then the country has benefited from its arrival, because before its arrival, there were about 20 types of taxes in India, and it was very difficult to maintain them, and in every state only one item was used. Separate tax has to be paid, but since GST has been implemented in India, since then one country has become one tax, and the public does not even have to pay tax on top of the tax.

Friends, if you want any information related to accounting, then you can visit our website https://myaccountingfunda.in/

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