? What is GST in India? Types of GST, GST Rates

GST Information

What is GST ?

GST is a kind of Indirect Tax and many Indirect Taxes in the India are replaced by it.

  • GST is called Goods and Service Tax.
  • On the date of 1st July 2017 act for GST came into effect.
  • GST is levied on the supply of goods and services
  • At every point of sale GST is levied.
  • Central GST (CGST) and State GST (SGST) is charged in the case of intra-state sales (Sales within the same state)
  • Integrated GST (IGST) is charged in the case of interstate Sales (Sales between different states)
  • All previous complex tax systems of the India are replaced by GST.

GST is

History of GST ?

In 2000 Year GST's Journey started when a committee was set up to draft law.On 1st July 2017 the GST came into effect when GST bill was passed in the Lok Sabha & Rajya Sabha in 2017.

Types of GST

There are Four types of GST in India

1. CGST (Central GST)

Full Form of CGST is Central Goods and Service Tax that is levied on Intra-State supply of Goods & Services and governed by Central Government of India.

2. SGST (State GST)

Full Form of SGST is State Goods and Service Tax that is levied on Intra-State supply of Goods & Services and governed by State Government of India

3. IGST (Integrated GST)

Full Form of IGST is Integrated Goods and Service Tax that is levied on Inter-State supply of Goods & Services and governed by Central Government of India.

GST Levy System

GST Rates

There are five slab of GST in India

Advantage of GST

With the help of the GST, the tax administration of the India will be easy and lean.

GST is a simple tax system with fewer exemptions.

In GST for small businesses whose turn over less than 1 Crore Composition scheme available.

The Online procedure of GST is very simple and easy.

The Cascading Effect of tax Eliminated when GST came into effect.

GST will also help to build a transparent and corruption free tax administration.

GSTIN Number

  • Full form of GSTIN is Good and Service Tax Identification Number.
  • Each Taxpayer has unique 15 digit GSTIN number.
  • Each digit has unique identity in GST Number.
  • Each state is assigned unique code, which is used as a part of GSTIN Number
  • The cost of registering for GST is Free of cost.

GSTIN Format

About Us

GST Invoice Printing is a feature rich invoice printing software tool for the small business & medium sized company. You can choose invoice formats for print, efficiently and accurately, by using what-you-see-is-what-you-get. It handles multiple levels of taxation very easily with inbuilt expression decoder. GST Invoice, VAT or CST Invoice, Jobwork Bill etc… can be configured and used.

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