What is GST (Goods & Services Tax)

MYOWNSOLUTIONS

 

—–>G.S.T is an indirect taxes which was introduced in India in 2017 and was applicable throughout in INDIA which replaced multiple taxes lived by the CENTRAL TAXES & STATE TAXES governments.Under the GST GOODS & SERVICES are taxed at the following rates like—-0%,5%,12%,18% and 28%.

—–>GST was Launched at midnight on 1st July 2017 by the President of India,”PRANAB MUKHERJEE” and Prime Minister of India “NARENDRA MODI“.

How many types of Taxes included in the GST..?

  • Main modules of the Taxes in GST-(“CGST” , “SGST”,”IGST” & UTGST).
  • There are also several taxes included under the GST in India…

* VAT/SALES TAX.
SERVICE TAX.
ENTERTAINMENT TAX.
LUXURY TAX.
TAX ON LOTTERY -BETTING & GAMBLING.
OCTROI and ENTRY TAX.

 

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