GST stands for Goods and Services Tax, and it is the country’s most significant indirect tax reform. It is comprehensive since it applies across India to the manufacturing, sale, and consumption of goods and services. It’s also a multi-stage tax imposed on a product or service. It’s also a destination-based tax since half of the revenue is split between the state and the central government.
Why it is an Indirect Tax?
Yesterday, I ate a delicious pizza from Dominos. if you have noticed the invoice of Dominos they charge 5% GST which they collect from consumers. that 5% charge will be given government.
Actually consumer like you and me has paid the tax INDIRECTLY to the government through dominos, therefore it is called as Indirect Tax.
GST Identification Number
A GSTIN is a unique number granted to every taxpayer registered under the GST regime, much as the PAN is a proof of identification from the perspective of Income Tax. The GSTIN will be a 15-digit PAN-based unique number assigned to each taxpayer by state.
Overrates and measures were regulated by the government agency that oversaw the administration of the goods and services tax in the country. The GST Council is in charge of creating GST laws about registration, payment, valuation, due dates, input tax credit, and other relevant issues.
from my point of view, GST is beneficial for the country but as the coins have two faces one is good and one is bad, similarly, GST has its own advantages and disadvantages. Do let me know in the comment section what do you think?
I hope, I gave you some insights about the overview of GST for your business and startup and delivered them in the best possible way.
If you have any queries related to the same then do leave a comment, and I will respond to it.
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