GST

 GOODS AND SERVICE TAX (GST)

INTRODUCTION  OF GST: 

 GST is known as GOODS AND SERVICE TAX. GST is common tax over all the other taxes. GST was introduced under the slogan of ONE NATION ONE TAX. GST was introduced in India on 1st July 2017, it was implied in J&K on 7th July 2017. Finance Minister ARUN JATELY introduced this taxation policy GST was divided into different rates on different commodities, highest GST rate is 45% on alcohol and on normal consumer goods highest GST rate is 28 %. The lowest GST rate is 2.5%.

TYPES OF GST:

GST comprises SGST, IGST, CGST, and UGST. 

• SGST stands for STATE GOODS AND SERVICES TAX 
• IGST stands for INTEGRATED GOODS AND SERVICE TAX 
•  CGST stands for CENTRE GOODS AND SERVICE TAX 
• UGST stands for UNION TERRITORY GOODS AND SERVICE TAX.

SGST is applied when goods are traded within the local boundaries, IGST is applied when goods are traded between two  States and UGST is applied when goods are Traded in the union territory. When the tax is charged in SGST, IGST OR UGST  half on the tax goes to centre govt. Under CGST.

GST RETURNS:

GST Returns are of many types, there are almost 10 GST returns. GST Return is denoted by GSTR, currently 3 returns of GST is being allowed to file and other returns are temporarily withheld or suspended to be filed. currently GSTR1, GSTR 3B and GSTR 9.
             The normal dealer has to file GSTR 1 , GSTR 3B & GSTR 9.  GSTR1 is for sales and should be filed quarterly. GSTR 3B is for tax return and should be filed monthly GSTR 9 is a yearly return which shows the financial position of the business, whereas in case of a composite dealer, a person has to file GSTR 4 & GSTR 9A. GSTR 4 should be filed quarterly.
       

 CONCLUSION OF GST BLOG :

To conclude GST is really a powerful and transparent taxation system, which have helped in the growth of the country