GST

New to GST Law? In this post, we will cover the basics, which will help you develop an understanding of the GST Law in India.

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What is GST?

The full form of GST is Goods and Service Tax. It is an indirect tax introduced in India from 1st July 2017. It is a value-added tax levied on the manufacture, sale, and consumption of goods and services. Alternatively, GST can be defined as a destination based tax where the tax is collected on the place where the ultimate consumption is done, no matter how long the journey of good otherwise had been!! At every stage of supply, credit for, the taxes already paid on purchases or inward supply is allowed.

What is the purpose of bringing GST in India?

GST which is the biggest tax reform brought into INDIA post-independence has paved its way to resolving major inherent flaws in the Indian indirect taxation system.

Which indirect taxes have been replaced with the implementation of GST?

With the introduction of GST majority of Indirect taxes have been wiped out. The one nation one tax has subsumed in itself many existing taxes both at Central and State Level. Here is a list of Central Taxes which merged in GST-

  • Central excise Duty and Additional Excise Duties
  • Excise Duty under Medicinal & Toilet Preparation Act
  • Service Tax
  • Central Sales Tax
  • CVD & Special CVD