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GST Act

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GST Act

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  1. All That You Want to Know About Goods and Services Tax EBC Webstore

  2. GST stands for Goods and Services Tax. It is an Indirect tax which has been introduced to replace a host of other Indirect taxes such as service tax, value added tax, excise duty, purchase tax, and so on. GST is levied on the supply of certain goods and services in India. It is a tax that is applicable all over India. TheConstitution of India officially amended this GST Act from 1 July, 2017.

  3. GST Types● State Goods and Services Tax: SGST, like CGST, is charged on the sale of products or services within a state.● Central Goods and Services Tax: CGST is charged on the intra state supply of products and services.● Union Territory Goods and Services Tax: UTGST is levied on the supply of products and services in any of the Union Territories in the country, viz. Andaman and Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Lakshadweep, and Chandigarh. UTGST is levied along with CGST.● Integrated Goods and Services Tax: IGST is charged on inter-state transactions of products and services. The following entities and individuals must register for Goods And Services Tax:● Individuals who supply through e-commerce aggregators● E-commerce aggregators● Agents of input service distributors and suppliers● Individuals who pay tax as per the reverse charge mechanism● Businesses that have a turnover that is more than the threshold limit● Non-Resident individuals who pay tax● Individuals who have registered before the GST law was introduced

  4. Advantages of GST● Ease of operation for E-commerce businesses● Reduced Compliances● Procedural Benefits● Reduced Tax Evasion and Corruption Free Tax Administration● Technologically Driven● Removal of Cascading Effect The enforcement of GST has brought in a very transparent system to the country that is also corruption-free. The advantages are far-reaching and are not only business-friendly but customer-friendly as well.

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