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what is GST?
GST - Goods and Services Tax
It mitigates double taxation and make Indian products more competitive.
Goods & Services Tax(GST) is a comprehensive, multi-stage,
destination-based tax that will be levied on every value addition.
To understand this, we need to understand the concepts under
this definition. Let us start with the term ‘Multi-stage’. Now, there are
multiple steps an item goes through from manufacture or production to the final
sale. Buying of raw materials is the first stage. The second stage is
production or manufacture. Then, there is the warehousing of materials. Next,
comes the sale of the product to the retailer. And in the final stage, the
retailer sells you – the end consumer – the product, completing its life cycle.
What is GST and Central GST?
For transactions within a State, there will be two
components of GST - Central GST (CGST) and State GST (SGST) - levied on the
value of goods and services. Both the Centre and the States will simultaneously
levy GST across the value chain.
In the case of inter-State transactions, the Centre would
levy and collect the Integrated Goods and Services Tax (IGST). The IGST would
be roughly equal to CGST plus SGST.
How will GST affect the common man?
Goods and Services tax is an indirect tax that is applicable
throughout India and is replacing different taxes levied by the state and
central government. This tax system would amalgamate several central and state
taxes into a single tax and eradicate double taxation. It would enable the
goods to move from state to another without any stoppage at state borders for
payment of state tax and also reduce the paper work to the large extent.
GST is
expected to be applicable from 1st July 2017. The various indirect taxes like
entertainment tax, central excise duty, service tax, octroi, value added tax
(VAT), central sales tax (CST), etc. would be replaced by the single tax
system-GST. Every business has to file 3 returns per month, i.e. 36 returns and
one annual return that means 37 returns in a year if you are dealing in a
single state. This number would increase accordingly if you were trading in
more than one state.
What are the benefits of GST in india?
The tax structure will be made lean
and simple.
The entire Indian market will be
under single umbrella about taxation.
It can bring more transparency and
good compliance.
Number of departments (tax
departments) will reduce which in turn may lead to less corruption.
More business entities will come
under the tax system which would lead to more revenue tax collections.
Companies under unorganized sector will come
under tax regime.
Final Price of goods to be lower.
Will boots foreign investment
Generate more employment
Which are the items that could become costlier and which are those that could become cheaper?
Broadly, services are expected to
become costlier under the GST regime, as the expected GST rate would be higher
than the existing service tax rate of 15%. Clearly, the GST is expected to
bring down prices of indigenously manufactured goods on account of current
effective indirect taxes (central excise @ 12.5%, State VAT @ 5%-15% etc.)
being higher as compared to recommended lower GST rate @ 5% and standard GST
rates @ 12% and 18%. Thus, price of certain category of goods may come down
depending on the effective rate of indirect taxes being paid at present and the
tax brackets under which goods are classified under the GST.
GST Billing Software Services in Junagadh,Rajkot,Surat,Keshod,Mangrol,Somnath.
Memento Technolgies Junagadh Provide GST Billing Software in JUNAGADH,KESHOD,RAJKOT,SOMNATH.
Billing System with GST
Stock Management
Reports
Expanse
Sales Module
Purchase Module
Date wise Search
Dealer Account
Company Account
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Product List
Notifications
SMS System
Please contact For Buy this Product:-
contact person:-satish dodia
phone:- +91 9737459777/8141600900
website :- www.mementotech.in
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