There are two types of taxes levied in India – Direct Tax and Indirect Tax. Direct taxes are levied on Income and profits,But indirect tax are levied on services and goods.Direct tax is borne and paid directly by the person on whom it is Imposed , on the other hand burden of indirect tax is passed on by the taxpayer to other person.
GST is an example of indirect tax. It is levied on supply of goods and services except alcoholic liquor for human consumption. Furthermore, it is levied at all stages right from the manufacturing process uptothe final consumption. The credit of tax paid at previous stage is available for set off. In short only value addition is taxed.
Five petroleum products have been exempted from it till the date of further notification. HSN code is used for classifying goods under GST regime whereas SAC is used for classifying service.
GSTN has been formed to provide a shared IT infrastructure and services for implementation of GST. GST council has been formed for giving recommendations to central and state governments on issues related to GST.
GST in India comprises of CGST levied and collected by central govt, SGST levied and collected by state govt, UTGST, levied and collected by union territories without a state legislation on intra state supplies whereas inter state supplies are subject to IGST to be levied by the central govt. Various legislations under GST regime are CGST Act 2017, SGST Act 2017(each state and union territory having own legislative has their own legislative), UTGST Act 2017(each union territory having not own legislature have their own different legislative) , and igst act 2017.
We provide service of Gst registration free of cost. Contact for free Gst registration. (Mob-9818148382)