GST (Introduction)

GST INTRODUCTION

GST stands for "Goods and Service Tax" its replaced all the indirect taxes and finished the Cascading Tax System.
Cascading tax means a tax on tax and it operates by a GSP (GST Service Provider) application like Tally ERP-9 (Version 6.0)




GST FEATURES
1. Replace almost all the indirect taxes.

2. Simple and secure.

3. Operated by GSP (GST Suvidha Provider) applications like Tally ERP9.

4. Ended the Cascading Tax System (Tax on tax).

GST TAX SUBTYPES

CGST (Central GST): This tax collected by central government and use for "Service Tax"'

SGST (State GST): This tax collected by a state government and use for "VAT" and Entertainment tax.

IGST (Integrated GST): This tax use for "CST" (CST: Central Sales Tax)

GST RATE STRUCTURE

Tax Rate	Name of Items
0	Essential items including foods
5	Commonly used items/products
12	Large amount of goods and services. It includes the fast moving consumer goods.
18
28	Luxury Cars, Tobacco, and Aerated drinks (Soft drinks)

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