What is GST

Taxation is totally connected with accounting because any change in the provision of tax act, its direct affect will be on accounting of business. So, to understand new changes in tax must be understood by accountants.  Recently (8th aug. 2016), Govt. of India has passed the bill of amended GST in Lok Sabha. From 1st April 2017, it will apply in India. For passing it in Lok Sabha, 23 state Governments  had ratified their constitutions.

Meaning of GST

Full name of GST is Goods and Service Tax. After applying GST, there will be no different tax on goods and service. Both VAT and service tax will under this new GST This GST will be at two level. One is state level and second is central level. Both central and state GST will be applicable on all the goods and services. If you will paid state GST, you will get the input tax credit for central GST. All state will have same state GST. So, there will be same price of goods and service in all the state of India.

After applying GST in India, a new taxpayer identification number (TIN) which will be linked with your past PAN. It may be 13 or 15 digits.

With GST, following tax will remove

1. Central Excise Duty
2. Additional Excise Duty
3. Service Tax
4. Custom Duty
5. Sales Tax or State VAT
6. Octroi and Entry Tax
7. Lixury Tax
8. Lotteries, betting and gambling tax
9. Entertainment Tax
10. CVD and SAD on Import of Goods

 Better Understanding with Simple Example

For example, central GST and state GST is 10%. Following are the main party which have to pay GST and whose burden on next buyer because it is uniform indirect tax.

1. Producer of Raw Material
2. Producer of Finished Goods or Service
3. Whole-seller of Finished Goods or Service
4. Retailer
5. Final Consumer

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Accounting Education: What is GST
What is GST
Accounting Education
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