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GST And Other Indierect Tax
- Single Tax System: GST replaces multiple indirect taxes like VAT, service tax, and excise duty, creating a unified tax structure.
- Multi-stage Taxation: It is levied at each stage of the supply chain, but businesses can claim input tax credits to avoid double taxation.
- Tax Slabs: GST is categorized into different tax slabs (0%, 5%, 12%, 18%, and 28%) based on the type of goods and services.
- Dual GST Structure: India follows a dual GST system with CGST (Central GST) and SGST/UTGST (State/Union Territory GST) for intra-state transactions and IGST (Integrated GST) for inter-state transactions.
- GST Registration & Compliance: Businesses with an annual turnover above the threshold limit must register under GST and file regular returns.
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GST (Goods and Services Tax) is a unified indirect tax that has replaced multiple taxes like VAT, excise duty, and service tax. It follows a multi-stage taxation system where businesses can claim input tax credits, reducing the tax burden. GST is categorized into different slabs (0%, 5%, 12%, 18%, and 28%) and follows a dual structure of CGST, SGST, and IGST for intra-state and inter-state transactions.