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GST came into effect on July 1, 2017. GST is a tax system where the GST Council, a group of ministers from the Finance Ministry, sets tax rates and collects the tax from sellers. The tax is collected by the central government, which shares it with the states.
Goods and services are taxed at four different rates: 5%, 12%, 18%, and 28%. However, petroleum products, alcoholic drinks, and electricity are not subject to GST and are now taxed separately by individual state governments, as was the case under the previous tax structure.
The 101st Constitution Amendment Act of 2016 was principally responsible for the establishment of GST. GST is supplemented by CGST, SGST, and IGST.
GST would replace numerous existing taxes across the country, establishing an unified taxation structure that will allow enterprises to conduct business across the country while paying uniform taxes.
There shall be 3 types of taxes under the GST; CGST, SGST and the IGST
CGST – Central GST is levied by the Central Government
SGST – State GST is levied by the State Government
IGST – Integrated GST is levied for the Inter-state supply of goods and services.table-responsive.text-left
On April 12, 2017, the President signed this Act into law. It authorizes the Central Government to impose and collect taxes on the intra-State provision of products or services, or both, as well as on things related to or incidental to such provision.
1. Notwithstanding anything to the contrary contained in this Act but subject to the provisions of subsections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees, may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding, -
(a) one per cent. of the turnover in State or turnover in Union territory in case of a manufacturer,
(b) two and a half per cent. of the turnover in State or turnover in Union territory in case of persons engaged in making supplies referred to in clause (b) of paragraph 6 of Schedule II, and
(c) half per cent. of the turnover in State or turnover in Union territory in case of other suppliers,
subject to such conditions and restrictions as may be prescribed:
Provided that the Government may, by notification, increase the said limit of fifty lakh rupees to a higher amount, not exceeding one crore rupees, as may be recommended by the Council.
2. The registered person shall be eligible to opt under sub-section (1), if,
(a) he is not engaged in the supply of services other than supplies referred to in clause (b) of paragraph 6 of Schedule II;
(b) he is not engaged in making any supply of goods which are not eligible to be taxed under this Act;
(c) he is not engaged in making any inter-State outward supplies of goods;
(d) he is not engaged in making any supply of goods through an electronic commerce operator who is required to collect tax at source under section 52, and
(e) he is not a manufacturer of such goods as may be notified by the Government on the recommendations of the Council:
3. The option availed of by a registered person under sub-section (1) shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds the limit specified under sub-section (1).
4. A taxable person to whom the provisions of sub-section (1) apply shall not collect any tax from the recipient on supplies made by him nor shall he be entitled to any credit of input tax.
5. If the proper officer has reasons to believe that a taxable person has paid tax under sub-section (1) despite not being eligible, such person shall, in addition to any tax that may be payable by him under any other provisions of this Act, be liable to a penalty and the provisions of section 73 or section 74 shall, mutatis mutandis, apply for determination of tax and penalty.
The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this section.
The GST Act empowers states to enact their own GST legislation. An Act to provide for the imposition and collection of tax on intra-state supplies of commodities or services, or both.
SGSTs are often divided into chapters that contain various tax-sharing measures.
The following sections are addressed by the SGST Act:
Chapter I - Preliminary
Chapter II - Administration
Chapter III - Levy And Collection Of Tax
Chapter IV - Time And Value Of Supply
Chapter VI - Registration
Chapter VII - Tax Invoice, Credit And Debit Notes
Chapter VIII - Accounts And Records
Chapter IX - Returns
Chapter X - Payment Of Tax
Chapter XI - Refunds
Chapter XII - Assessment
Chapter XIII - Audit
Chapter XIV - Inspection, Search, Seizure And Arrest
Chapter XV - Demands And Recovery
Chapter XVI - Liability To Pay In Certain Cases
Chapter XVII - Advance Ruling
Chapter XVIII - Appeals And Revision
Chapter XIX - Offenses And Penalties
Chapter XX - Transitional Provisions
Chapter XXI – Miscellaneous
The IGST Act will govern the IGST, which is a tax levied on all supplies of goods and/or services between states under GST. IGST shall pertain to any supply of goods and/or services in both circumstances of import into India and export from India.
Exports would have been zero-rated under IGST. The federal and state governments would levy the tax.
In addition to the Goods and Services Tax Act 2017, as indicated above, it is critical to comprehend the following Acts outlined in the GST Act. Four of these 18 Acts are expressly relevant to GST, while the remaining 14 are not; however, a number of the terminologies used in those Acts have been included into the GST Act.
1. Does India still have service tax?
Service tax was replaced by GST in July 2017. A slew of central and state taxes have been brought under the ambit of GST.
2. What are the rules governing GST?
The IGST (Integrated Goods and Services Tax) Act and the CGST (Central Goods and Services Tax) Act, both passed in April 2017, are the foundations of the Goods and Services Tax.
3. Who collects GST, the Center or State?
GST is split into 2 – the Central GST and State GST. The tax is remitted to the Center which then pays the States.
4. What are the tax slab rates under GST?
GST shall have 4 different tax slabs, viz., 5%, 12%, 18% and 28%.
5. What are the 4 types of GST?
As per the newly implemented tax system, there are 4 different types of GST:
7th Pay Commission
A Khata Property Tax
Advance Tax Payment
Advantages Of Paying Taxes
An Analysis Of Increase In Service Tax Rates
B Khata Property Tax
Bbmp Property Tax
Benefits Of Taxes
Capital Gains Tax
Chennai Property Tax
Coimbatore Property Tax
Corporate Taxation In India
Delhi Property Tax
Exemptions Under GST
Ghaziabad Property Tax
Ghmc Property Tax
Goods And Services Taxes
Gross Salary In India
GST Advance Ruling
GST Input Credit
GST Payment Due Date
GST Penal Provisions
GST Refund Status
GST Returns Filing Due Dates
House Rent Allowance
How To Calculate Hra Exemption On Income Tax
How To Calculate Income Tax On Salary
How To Claim Income Tax Refund
How To E File Income Tax Returns
How To Track Your Income Tax Refund Status
Income From House Property And Taxes
Income Tax Credit
Income Tax Exemption
Income Tax Online Payment
Income Tax Returns
Income Tax Slabs
Kanpur Property Tax
Kredit Bee Personal Loan
New Service Tax
Penalties Under GST
Professional Taxes In India
Property Tax In Ahemdabad
Property Tax In Indore
Property Tax In Mumbai
Pune Property Tax
Road Tax Toll Tax
Road Taxes In States And Uts Of India
Section 80ccc Of The Income Tax Act
Securities Transaction Tax
Service Accounting Codes
Steps To Paying Property Tax
Tax Benefit On Stamp Duty And Registration Charges
Tax Deducted At Source
Taxes In India
The Income Tax Act
What Is A Cancelled Cheque
What Is Form 15h In Income Tax
What Is Gratuity
Withholding Tax In India