Learn About GST

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GST – Goods and service tax What is GST GST is one indirect tax for the whole nation, which will make India one unified common market. It is a multi-stage, destination-based tax that will be levied on every value addition. The tax regime which was initiated by the UPA government has been put into force
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GST – Goods and service tax

What is GST

GST is one indirect tax for the whole nation, which will make India one unified common market. It is a multi-stage, destination-based tax that will be levied on every value addition. The tax regime which was initiated by the UPA government has been put into force by the Narendra Modi government tonight. GST is believed to replace the current indirect tax system and will replace a mix of more than a dozen state and central levies built up over seven decades with a one national GST.

 

History of GST

The Goods and Services Tax (GST) was first discussed in the Kelkar Task Force report on indirect taxes in 2003. After seven long years, a proposal to introduce a national GST by April 1, 2010, was first mooted in the Budget Speech for the financial year 2006-07. The idea of GST was bogged down for years in bipartisan debate, with political parties in government trying to push it and those in opposition pulling it down.

 

Who is eligible to pay tax under GST

GST is leviable for businesses and traders who see their annual turnover above Rs 20 lakh (Rs. 10 lacs in 11 special category States). For computing, aggregate supplies turnover of all supplies made by you would be added. A person dealing with 100% exempted supply is not liable to register irrespective of turnover. This means that if someone trades only 0% GST items like grains and pulses, then the trader is not liable to pay the tax. The threshold for paying GST is Rs 10 lakh in the case of northeastern and special category states. The indirect tax regime is applicable on interstate trade irrespective of this threshold.

The Indian parliament was lit up to mark the launch of ‘biggest economic reformation since Independence’. Prime Minister Narendra Modi, his Council of Ministers, along with President Pranab Mukherjee would be present for the GST launch in Parliament’s Central Hall, where lawmakers and legislators of all parties were invited.

 

How long can I wait to register for GST?

An unregistered person has 30 days to complete its registration formalities from its date of liability to obtain registration.

 

Which existing taxes are subsumed into GST?

Taxes including central excise duty and additional excise duty, import duties, service tax, central cesses and surcharges, state taxes like value-added tax (VAT), Central sales tax on inter-state trade of goods, luxury tax, entertainment tax except those levied by local bodies, taxes on advertisements, surcharges on supply of goods and services are subsumed into GST.

 

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