What is GST : You all must have heard about ” One Nation One Card “, “One Nation One Tax” etc. Today, we will provide you information about One Nation One Tax i.e. GST. There are a total of 28 states in our country, of which the first state to implement GST is Assam, after doing this, Assam has become the first state to implement Goods and Services Tax, and GST Lagu Karne Wala Last State is Jammu and Kashmir.
GST was first introduced to France all over the world . Hence GST Lagu Karne Wala Pehla Desh is France. France first implemented the GST in 1954 to curb tax evasion . After this, 160 other countries also have tax facilities like GST while countries like Brazil and Canada have dual GST, in which each state and country have different GST. A single GST has been implemented in our country. If you want to know GST in detail, then just keep reading this post till the end.
What Is GST ?
The government and many big economists have called the Goods and Services Tax the biggest tax reform in the country. Goods and service tax is an indirect tax and under it the same tax has been levied on all goods and services, 30 to 35% tax was levied on any goods before the GST bill was passed and on some goods. The tax levied directly or indirectly was more than 50%, but after the coming of GST, this tax has been uniformly 28% everywhere.
GST Full Form: GOODS AND SERVICE TAX.
Let us now read, GST Bill Kya Hai, this is a tax related bill, officially known as “The Constitution Amendment GST Bill 2014”. After the GST bill is passed, the same tax has come into force in the country. This bill was passed in the Rajya Sabha on 3 August 2016 and in the Lok Sabha in May 2015. GST bill is an indirect tax, due to which, the tax payers have started getting a lot of facilities.
What Is GST In India
With the introduction of GST bill, India’s market will fall into a category and indirect taxes like- excise duty, service tax, entertainment tax, VAT etc. will all be included in GST. GST has been implemented across the country.Now the question arises that GST Kisne Lagu Kiya, the suggestion to introduce GST in India was suggested by the Vijay Kelkar Committee and was implemented by the then President Pranab Mukherjee and Prime Minister Narendra Modi, GST 1 July Has come into force since 2017. While implementing this, Finance Minister Arun Jaitley had said that GST will create one tax, one country, one market and economic development of the country and a new history will be created in the country.
Types of GST
There are four types of GST types in India, detailed information about them is given below.
Central Goods and Services Tax (CGST)
As per the Central Goods and Services Tax Act 2016, CGST is a centralized part of it which currently comes under the Excise-Central Sales Tax, Central Excise, Service Tax, Medical and Toilet Construction etc. Act, Additional Excise Duty is.
State Goods and Services Tax (SGST)
It is designed for state goods and services taxes as per the 2016 GST bill. This includes taxes related to goods and services such as state sales tax, luxury tax, entertainment tax, levies on lottery, entry tax, etc. through a uniform SGST.
Integrated Goods and Services Tax (IGST)
IGST stands for Integrated Goods and Services Tax, which is levied on the supply and exchange of goods and services from one state to another. For example, if there is a supply of goods and services between Madhya Pradesh and Rajasthan, then IGST will be implemented there.
Goods and Services Tax for the Union Territory (UTGST)
Union Territories in India are placed under a special GST. Which is called “Union Territory Goods and Services Tax” as per GST Regulatory 2016. UTGST is responsible for implementing uniform tax for all union territories in India.
Disadvantages of GST
While on the one hand GST Ki Upyogita and benefits are being told by the government, on the other hand there are also many GST Se Desh Ko Nuksan.
- Prior to the introduction of GST, duty based transactions were taxed at 14.5 per cent, which has now become 18%, ie, if a goods of Rs 1000 was taxed at Rs 145, then it has now increased to Rs 180.
- If you buy a new house now, it has increased in value by 8%, this is expected to reduce the real estate sector by about 12%.
- Food, hotel travel and insurance premiums have become expensive after the implementation of GST, service tax on railway tickets has also increased after the implementation of GST.
- Indirect tax has increased after GST is implemented and direct taxes are almost over.
- After the implementation of GST, the value of electronic goods such as TV, fridge, AC, mobile, etc. has increased. Earlier, these goods were taxed at 23-25% but after GST, this tax has been increased to 28%.
- Earlier 3% tax was levied on jewelery and 4 to 5% state VAT on readymade garments but now it has become expensive after applying 18% GST.
Benefits Of GST In India
Now we have told you about the loss from GST. Now the question will be coming in your mind that for this we have shown GST Ke Fayde below, so that you will be able to understand GST Ki Avashyakta.
- The general public of the country has benefited the most when GST is implemented because the same tax has been applied on the purchase of all goods under it.
- After its arrival, the tax system in India has become easier and the system of imposing ‘tax on tax’ has been liberated.
- After the implementation of GST, the tax fraud by the officials of the tax department has also reduced.
- The most important advantage in GST Ke Labh is that after its arrival, taxes like service tax, central sales tax, state sales tax and VAT have been abolished.
- Before the GST rule came, we had to pay 30 to 35% tax on different goods, but now only 18% tax is due to GST.
GST Tax Rate
A total of four types of GST Ki Dare have been set by the GST Council, whose rates are 5,12,18 and 28 percent. Under this, GST is exempted on many things like- milk, curd, lassi, vegetables, fruits, salt, newspapers, printed books, flour, fish, eggs, chicken, vermilion, prasad, bindi, bangles etc. daily GST is not levied on necessities. Apart from this, traders with annual sales of less than 40 lakhs are also exempted from this tax. According to GST, all luxury and expensive items are cessed with GST. As per the GST rate revision effective from 1 October 2019, the GST Ki List is displayed below.
|Things||Back rate||Current new rate|
|Plates and cups made of flowers, leaves and bark of trees||5%||0%|
|Caffeinated beverages||18%||28% + 12% cess|
|On supply of wagons and coaches of Railways (without ITC)||5%||12%|
|External catering (without ITC)||18%||5%|
|On the job of diamond job||5%||1.50%|
|On other job tasks||18%||12%|
|Hotel (at room fee of Rs. 7,501 or more)||28%||18%|
|Hotel (room tariff from Rs 1,001 to Rs 7,500)||18%||12%|
|Woven or non-woven polyethylene packaging bags||18%||12%|
|Wet grinder or wet grinder (as stone)||12%||5%|
|Goods for petroleum operations under hydro-carbon exploration licensing policy||Applicable rate||5%|
|Cess on petrol motor vehicles with a capacity of 10-13 passengers||15%||1%|
|Cess on diesel motor vehicles with a capacity of 10-13 passengers||15%||3%|
How To Make GST Bill
Using GST Bill Software called Ledgers GST, we can create GST bill very easily. The GST bill should be issued only when a business or person who has GST registration and provides goods or services to a customer. As per GST rules, it is mandatory to provide GST bill to the supplier when the value of the supply exceeds Rs 200.
GST Bill Format
The GST bill should be issued according to the GST Bill Sample shown in the rules given in the challan format. Below is a sample GST bill format created using the Ledgers GST software.
What is GST : The GST has made India’s economy a “one country one tax” economy. There were 17 different types of tax levied in India before it was implemented, but now after GST is implemented, all goods are taxed only one way. Friends, today we have explained to you in detail like GST Ke Bare Me Jankari – What is GST, GST Profit and Loss, GST Billing etc. If you liked this information then do not forget to share it and you have GST Questions , then you can do it in the comment box related to GST Se .