dmcglobal Model Town, Gurugram, Haryana

GST is known as goods and services and is an indirect tax which is known to replace many indirect taxes in India namely- · Excise duty· VAT· Services tax etc.The GST Services In India is being levied on the goods and services and is known as the single indirect tax lawn for the entire country. The GST is being levied at every point of sale so here you need to be attentive while buying goods and services. The one example where you can see how much GST you are paying towards goods is you can see towards your bills.Like when you are shopping (clothes, accessories and other stuff) in your bill you can see how much GST you have paid. This will give you a clear understanding of how much amount you spend.What Are The Advantages Of GST?GST has mainly removed the cascading effects on the sales of goods and services. It has impacted the cost of goods. Here the cost of goods decreases since the GST eliminates the tax on tax.· There will be a higher threshold on GST· Simpler online facilities· There is a defined treatment for e-commerce activities· Increase efficiency in logisticsDifferent Components Of GSTDo you know what are the different components of GST as GST Services In India has many benefits and are there are three taxes implacable?CGSTIt is the tax collected by the central government that is the transaction happening within Maharashtra.SGSTThe state government collects the tax.IGSTIt is the tax collected by the central government for an intrastate sale i.e. Maharashtra to Tamil NaduGST Towards Price ReductionHow GST has helped in price reduction is what you will get to know here. It is when the pre -GST regime every purchaser pay tax on tax. The condition is called a cascading effect on taxes.Here the tax is calculated on the value addition at each stage of the transfer of ownership.New ComplianceE-invoicingThe system is applicable from 1st October 2020 with an annual aggregate turnover of more than 500 crores. In this case, these businesses must own an invoice reference number for every business to business. This can be done by uploading GSTN’s invoice registration portal.