{"id":89,"date":"2020-01-04T09:14:10","date_gmt":"2020-01-04T09:14:10","guid":{"rendered":"https:\/\/equalconsultancy.com\/new\/?page_id=89"},"modified":"2020-02-29T10:00:40","modified_gmt":"2020-02-29T10:00:40","slug":"gst-registration","status":"publish","type":"page","link":"https:\/\/equalconsultancy.com\/new\/gst-registration\/","title":{"rendered":"GST Registration"},"content":{"rendered":"

\"\"<\/a>Goods And Services Tax(GST)<\/span><\/strong><\/u><\/span><\/p>\n

GST (Goods and Services Tax)<\/span><\/span><\/a> is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services. It is a destination based tax. GST will subsume Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc.<\/p>\n

Need for GST in India:<\/strong><\/u><\/span><\/p>\n

Introduction of GST is considered to be a significant step in the reform of indirect taxation in India. Amalgamating of various Central and State taxes into a single tax would help mitigate the double taxation, cascading, multiplicity of taxes, classification issues, taxable event, and etc., and leading to a common national market.<\/p>\n

VAT rates and regulations differ from state to state. On the other hand, GST brings in uniform tax system across all the states. Here, the taxes would be divided between the Central and State government.<\/p>\n

\"Related<\/u><\/span><\/h1>\n

Read More<\/a>
Importance of GST in Indian Economy:<\/strong><\/u><\/span><\/p>\n

GST Regime:<\/strong><\/span><\/h2>\n

GST\u00a0is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation.<\/p>\n

GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by states and Central.<\/p>\n

There are around 160 countries in the world that have GST in place. GST is a destination based taxed where the tax is collected by the State where goods are consumed. India is going to implement the GST from July 1, 2017 and it has adopted the Dual GST model in which both States and Central levies tax on Goods or Services or both.<\/p>\n

SGST \u2013 State GST, collected by the State Govt.<\/p>\n

CGST \u2013 Central GST, collected by the Central Govt.<\/p>\n

IGST \u2013 Integrated GST, collected by the Central Govt.<\/div><\/div><\/p>\n

Benefits of GST:<\/span><\/u><\/b><\/span><\/h2>\n\n\n\n\n\n\n
To trade<\/b><\/td>\nTo Consumers<\/span><\/b><\/td>\n<\/td>\n<\/tr>\n
Reduction in multiplicity of taxes<\/td>\nSimpler Tax system<\/td>\nCreate unified common national market for India, giving a boost to Foreign investment and \u201cMake in India\u201d campaign<\/td>\n<\/tr>\n
Mitigation of cascading\/ double taxation<\/td>\nReduction in prices of goods & services due to elimination of cascading<\/td>\nBoost export and manufacturing activity and leading to substantive economic growth<\/td>\n<\/tr>\n
\u00a0More efficient neutralization of taxes especially for exports<\/p>\n

Development of common national market<\/td>\n

Uniform prices throughout the country<\/p>\n

Transparency in taxation system<\/td>\n

Help in poverty eradication by generating more employment<\/p>\n

Uniform SGST and IGST rates to reduce the incentive for tax evasion<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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