Top questions and answers on GST should be known to everyone
Finally, GST has been introduced in India since July 1, 2017. There are many questions about the GST in everyone's mind which they want to know. By this blog, we discuss the top question and answer on GST which is very important to know for everyone whether the taxpayer or common person.
Q.1 What is GST?
GST(Goods and service tax) is a single tax system which removes all of the indirect taxes which was levied on state and center and create a single market. There are three types of GST which are :
CGST(Central Goods and Service Tax)
IGST (Integrated Goods and Service Tax)
SGST(State Goods and Service Tax)
Q.2 What are the benefits of GST in India?
GST benefits are categorized in these steps
1 Benefits for Businesses
Simple Process
Removing unnecessary taxes
Offering quality competition
The benefits for the exporters
Single pertinency of tax rates
2. Benefits for consumers
Clear taxation scheme on products when buying
Decrease the all tax burden on products
Q.3 Which of the indirect taxes(center and state) are merged into GST?
Centre Level Taxes:- Excise duty,Service Tax,Central Sales Tax,Additional Custom Duty,Central Surcharges and Cesses,Special Additional Duty
State Level Taxes:- VAT(Value Added Tax),Luxury Tax,Purchase Tax,Entry Tax,State Cesses and Subcharges
Q.4 How GST will be governed in India?
Paying attention to the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Both Center and state will at the same time impose GST across the value sequence. The tax will be charged on every supply of products or services. Center would impose and gather Central Products and Services Tax (CGST), and States would impose and gather the States Products and Services Tax (SGST) on all dealings within a state.
Q.5 How will imports be taxed under GST?
The Additional Duty of Excise or CVD and the Unique Extra Duty or SAD currently being charged on imports will be subsumed under GST. As per description to a stipulation (1) of content 269A of the Structure, IGST will be charged on all imports into the area of India. Compared with today program, the states where brought in products are absorbed will now obtain their discuss from this IGST compensated on imported goods.
Q.6 What are the major features of the proposed returns filing procedures under GST?
There are 4 major features of return filing under GST which are:
1. Common return would be filled for center and state government 2. In GST there are 8 forms provided for filing returns but most of the taxpayer would be filled only four forms for filing returns which are: monthly return, annual returns, return for purchase and return for supplies 3. Small taxpayers under composition scheme will have to fill quarterly basis return 4. All of the processes of return filing will be online
Q.7 What is a HSN Code?
Harmonised System of Nomenclature [HSN] is a six-digit uniform code that orders 5000 + items around the world. It was thought of and created by the World Customs Organization [WCO] with a dream of institutionalizing the order of the considerable number of merchandises winning around the world, in a consistent and systematical way. HSN assumes an essential part of the tax collection of a nation and gets the exact rate of duty relevant to any item in a nation. HSN is additionally alluded to dissect a particular item development over the world and helps with deciding the volume of any item sent out or imported. The six-digit code is a sorted out amalgamation of various segments – bored down to sections – additionally ordered into headings and subheadings. HSN is by a wide margin the best known consistent arrangement of characterization and ID of 98% + merchandise on the planet and is generally recognized in 200 + nations over the world.
Q. 7 How we file GST Return Online?
You can file GST return online through GST Software, Which you can download from the official site of SAG Infotech Pvt Ltd. And you can also earn money by becoming a partner of GST software.
