The Meaning Of GST: The full form of GST is Goods and Services Tax, an indirect tax used in India on the supply of goods and services. On 01st July 2017 the Goods and Services Tax implemented in India by the Government. But, the process of implementing the new tax system has started long ago. In 2000, the Prime Minister Atal Bihari Vajpayee set up a committee to draft the GST law. In 2006, the Finance Minister proposed the introduction of GST from 1st April 2010 and in 2011 the Constitution Amendment Bill was passed to introduce the GST Act.
The Standing Committee started discussions about GST in 2012, and tabled its report on GST a year later. In 2014, Finance Minister Arun Jaitley reintroduced the GST Bill in the Parliament and in 2015 the Bill was passed by the Lok Sabha. However, the implementation of the Act was delayed as it was not passed by the Rajya Sabha. GST went live in 2016, and the revised Model GST Act was passed by both houses. 4 Supplementary GST Bills passed in Lok Sabha in 2017 along with its approval by the Cabinet. The Rajya Sabha then passed 4 supplementary GST Bills and the new tax regime came into force on 1st July 2017.
The Meaning Of GST
GST stands for Goods and Services Tax, an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax. Goods and services are covered under a single domestic indirect tax law for the whole of India. In this system, tax is charged at each point of sale.
Types of GST
As we have come to know the meaning of GST, it is an indirect tax applied on the supply of goods and services in India. Now we will know about four types of GST-
- Central Goods and Services Tax
- State Goods and Services Tax
- Integrated Goods and Services Tax
- Union Territory Goods and Services Tax
The Goods and Services Tax Council has assigned GST Rates to different goods and services. There are some products that can be purchased without any GST, there are others that come at 5% GST, 12% GST, 18% GST, and 28% GST.
Benefits of GST
Mentioned below are some of the advantages of GST-
- Decrease in the price of goods & services.
- It increase in manufacturing processes.
- Under GST, consumer will be able to get the product at the same price anywhere in the country.
- After implementation of GST the economy will receive a healthy boost.
- GST give a boost to the Import and export industry.
- GST has made the tracking of taxes easier than ever before.
There are some required documents you need to apply for GST in India, these are –
- Address Proof
- Aadhaar Card
- PAN Card
- Bank Account Details
The Meaning Of GST: Registration
You can apply for GST Registration number by using following steps –
- Step:-1 Visit the official website Goods and Services Tax
- Step:-2 On the homepage you will find “e-Services” option.
- Step:-3 Click on “New Registration” link under “e-Services link.
- Step:-4 Now, enter your name, business name, district, etc to being the process.
- Step:-5 Next click on proceed button and validate your OTP.
- Step:-6 You have successfully generated TRN (Temporary Reference Number) Number.
- Step:-7 Copy the TRN number and proceed next, validate OTP again.
- Step:-8 Now you have to complete the GST application form within 15 days from the date of registration.