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As the GST countdown begins in India, here is a quickie for
the novice readers.
GST stands for Goods and Services Tax Laws and will be
implemented from the 1st of July.
As the GST countdown begins in India, here is a quickie for the novice readers.
GST stands for Goods and Services Tax Laws and will be implemented from the 1st of July.
The primary aim of GST is to streamline the uneven tax regime of the country. Although when we look at the larger picture, the GST aims at growing the economy of the country by increasing its business game in the global by evicting the indirect interstate tax barriers. Here is a quick overview of the differences between the new tax system and the existing one.
Intrastate Sales- CGST + SGSTVAT + Central Excise/Service tax - Income will be shared between the Centre and the State
Interstate Sales- IGSTCentral Sales Tax + Excise/Service Tax- Single tax from the Centre.
Where CGST is the central government regulated tax
SGST is the state government regulated tax
IGST is the central government regulated tax on interstate sales