CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Following the new proposal introduced in the 2016 Union Budget, the applicable service tax from June 1, 2016 was "15%," which no longer exists as GST went into effect on July 1, 2017. In layman's terms, GST has replaced Service Tax and its respected updated rate.
About New Service Tax - GST
The tax went into effect on July 1, 2017 as an outcome of the Indian government's enactment of the 101st Amendment to the Indian Constitution. The GST was introduced to replace the current service tax levied by the central and state governments.
The major goal of GST was to consolidate numerous current taxes at the federal and state levels and develop a single taxation structure in the Goods and Services market.
The GST absorbed a number of state-imposed taxes. They are as follows:
GST is levied at many stages of GST, beginning with production and ending with supply.
GST is levied on the value addition made to a raw material in order to turn it into a finished product ready for sale. For example, if we take cotton, it is cleaned and sent to mills where it is woven into yarn, which is then woven into fabric, which is then sold to wholesalers, who sell it to retailers, who then sell it to the final customer. Through different value additions, plain cotton becomes a shirt. These value additions are subject to GST.
GST's advantages have resulted in the following economic implications in the Indian economy -
In India, GST replaced several individual taxes with a single taxing structure -
There are 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 Inter-state supply of goods and services
Registering on the GST website consists of two parts, which can be easily done on the GST portal -
1. Submitting the Registration Application
1. Is there still a service tax in India?
In July 2017, the service tax was replaced with GST. GST has brought a host of central and state taxes under its purview.
2. What are the GST regulations?
The foundations of the Goods and Services Tax are the IGST (Integrated Goods and Services Tax) Act and the CGST (Central Goods and Services Tax) Act, both of which were passed in April 2017.
3. Who collects GST, the federal government or the states?
The GST is divided into two parts: The Central GST and the State GST. The tax is paid to the Centre, which subsequently distributes it to the states.
4. What are the GST tax slab rates?
GST will have four separate tax slabs, namely 5%, 12%, 18%, and 28%.
5. Where can I go to register for GST?
The 'GST Portal' is a one-stop shop for all GST-related information. This portal is used for GST registration, return filing, and refund claims.
6. Who is eligible to apply for GST registration?
Businesses with a revenue of more than Rs. 40 lakhs, Rs. 20 lakhs, or Rs. 10 lakhs are required to register as a regular taxable person under the Goods and Services Tax (GST).
7. Is it necessary to have separate registrations for an entity that engages in both trading and manufacturing?
It is not required. For trading and production, a single GST registration is sufficient.
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 Returns
Income Tax Slabs
Kanpur Property Tax
Kredit Bee Personal Loan
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
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application