GST FUL FORM

GST FULL FORM

Full Form of GST : Full Form of GST is Goods and Service Tax.

What is the Full Form of GST ?

No:1. The Full Form of GST is Goods and Service Tax.
No:2. The introduction of GST replaced the indirect taxation model across the country.
No:3. It came into existence on 1 July 2017.
No:4. GST brought one indirect taxation regime eliminating the cascading effect of taxes imposed on goods and services.
No:5. One nation, one tax replaced almost seventeen (17) of the existing state and central indirect taxes such as central excise duty, additional customs duty, Sales Tax, VAT, entertainment tax, service tax, Octroi, etc.
No:6. As a service provider or a seller, it is mandatory to register for the GST if your business has a turnover of above Rs. 40 lacs [if you sell physical goods] or more than Rs. 20 lacs if you supply services.

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Benefits of GST

No:1. Tax the entire supply change unit from manufacturing to retail.
No:2. Uniform tax slabs.
No:3. Enhanced tax compliance which improves the revenue collection of the states.
No:4. Implementation challenges of GST:
No:5. Adapting to the new tax system with improved infrastructure and technology.
No:6. Updating the IT requirement of trade and industry.
No:7. The issue in implementation timing – 1 July 2017.
No:8. Certain industries are still trying to balance the effect of implantation.

Different types of GST

There are 3 major GST types to increase the overall tax revenue which are:

No:1. CGST (Central Goods and Services Tax):

1). The central government usually collects GST for all intrastate supply of products and services as Central Goods and Services Tax.
2). It includes taxes such as Central Excise, Additional Excise Duties Countervailing duty, Service Tax and also the applied duty on Medical & Toiletries Preparation Act etc are included.
3). The government body applies CGST on those services and goods that are supplied between the states.
4).  Therefore the central excise tax and collects the tax amount. This amount is not shared by any of the individual states.

No:2. SGST (State Goods and Services Tax):

1). The state government collects the GST for all goods and services that are supplied within the particular state limit.
2). It includes various state taxes such as entry tax, sales tax, entertainment tax, luxury tax and Octroi etc.
3). Even though the state government collects the tax, the central government does monitor the processes.
4). The individual governing bodies of each state will collect the SGST in their state respectively.

No:3. IGST (Integrated Goods and Services Tax) :

1). Integrated Goods and Services Tax is collected for goods and services supply between states.
2). IGST is collected at once but is then divided between the central and the state government.
3). It is applied when a product or service is supplied between states.
4). The government exile IGST also on the import and export of various goods and services from India.

GST Excused Goods

The government has excused a few commodities from GST which are:
No:1. Fish and fillets
No:2. Meat
No:3. Live animals
No:4. Live plants and trees
No:5. Alcohol
No:6. Vegetables
No:7. Dry fruits
No:8. Spices
No:9. Tea and coffee
No:10. Edible grains
No:11. Non-edible Animal products like claws etc
No:12. Fertilizers
No:13. Drugs and pharmaceuticals
No:14. Musical instruments
No:15. Industrial machinery, etc.

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No.-1. Download 15000 One Liner Question Answers PDF

No.-2. Free Download 25000 MCQ Question Answers PDF

No.-3. Complete Static GK with Video MCQ Quiz PDF Download

No.-4. Download 1800+ Exam Wise Mock Test PDF

No.-5. Exam Wise Complete PDF Notes According Syllabus

No.-6. Last One Year Current Affairs PDF Download

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