At this time most of the person want to know about the GST. First we need to know What is the GST and benefit of GST? The answer of this query is Goods and Service Tax (GST) is an indirect tax. GST is applicable on different services and goods. Where GST is no applicable the tax levied on different goods and services separately.
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After allowing the GST bill in the parliament it is applicable at the place of VAT, Excise, Service and other taxes. Now GST is applicable in all the states whole over the India. When you buy any goods from any state then tax rate will be same in whole country. For eg. If you want to buy any product from other state then tax rate will be differ from other state. But after applying this tax rate will be same in whole country.
What is the GST and benefit of GST
GST is implemented in the whole country will be the same type of indirect taxes paid on goods and services that businesses purchase the whole of the GST credit (Credit) will use the goods and services sold at the beginning will be able to pay GST. GST will integrate only the indirect taxes but all direct taxes just like income tax and others will be same.
Any business person take the benefit of input credit of GST and use this GST to pay tax on sold different goods and services. Under the GST all the businessmen, service provider must be registered within a year whole the value of total sales in more than a certain value. In the GST the businessmen have to fill three different type of tax return to fill input tax, output tax and integrated returns.
At this time a businessmen have to pay different type of tax during the financial year and also fill the return of these tax. Excise is used for manufacturer, Sales tax, VAT, CST is used for trading, service tax is used for service provider any many more. They have to follow different type of tax rules which will be difficult and complex task. But, after applying the GST there is one indirect tax is application in the whole country. After that tax related problems will be resolved.
You are not able to use input credit of sales tax to pay excise duty or service tax. You can’t use input credit of service tax and excise duty to pay sales tax in your business. The cost of goods and cost of services is increased. But after introducing the GST the tax you will get the benefit of input credit on different goods and services.
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I hope after reading this article you will get the answer what is the GST and benefit of GST. If you have any suggestion regarding this guide pleas write us in the comment box. Thanks to all.