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GST is one of the biggest tax reforms in India.
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Goods & Services Tax is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. GST Registration is necessary for a business to comply with the Income Tax Department Norms. To understand this, we need to understand the concepts under GST definition. Let us start with the term ‘Multi-stage’. Now, there are multiple steps an item goes through from manufacturer or production to the final sale. Purchasing of raw materials is the first stage. The second stage is production or manufacturing. Then, there is the warehousing of materials. Next, comes the sale of the product to the retailer. And in the final stage, the retailer sells you – the end consumer – the product, completing its life cycle. Businesses which are dealing with good and services must apply for GST Registration Online.
Companies which are going to file GST registration need to know about the type of taxes in GST. When Goods and Services Tax is implemented, there will be 3 kinds of applicable Goods and Services Taxes.
|Transaction||New Regime||Old Regime||Comments|
|Sale within the state||CGST + SGST||VAT + Central Excise/Service tax||
Revenue will now be shared between the Centre and the State.
|Sale to another State||IGST||Central Sales Tax + Excise/Service Tax||
There will only be one type of tax (central) now in case of inter-state sales.